MUMBAI: The bilateral trade betweenThailand and India is expected to double within the next two years from USD 8.6 billion in 2012 as trading volume will be growing, a senior official said here.
"In the past five years, trade volume between the two countries increased by an average of 15 per cent annually, last year (2012), it was more than USD 8.6 billion. It is expected that the trade will double to USD 16 billion by 2015," Thai Trade Centre (Mumbai) Executive Director & Consul (Commercial) Adul Chotinisakorn told reporters here.
The trade between the two countries will continue to grow as the free trade agreements between Thailand-India and ASEAN- India, with lower tariffs and trade barriers, are fully utilised by Thailand and India's private sectors which will positively encourage more trade, Chotinisakorn said.
Given such large middle class population, India is a great potential market for Thai products which will spur further growth in bilateral trade, he said.
Thai Trade Centre and Department of International Trade Promotion, Ministry of Commerce, Royal Thai Government is organising 'Thailand Sourcing & Business Matching event' in Mumbai between August 22 and August 24.
Nearly 70 companies displaying wide range of Thai products, including food & beverages, garments & fashion accessories, gifts & decorative items, health and beauty products, household & kitchenware, will participate in the fair.