Thailand and India Elevate Economic Partnership with 'Co-Creation, Co-Investment' Approach

NEW DELHI, India – Deputy Prime Minister and Minister of Commerce Suphajee Suthumpun met Indian Commerce and Industry Minister Piyush Goyal in New Delhi on September 9 to advance Thailand–India economic ties toward a trusted strategic partnership. Thailand proposed a “Co-Creation, Co-Investment” approach to develop new products, services, and businesses while expanding access to global supply chains and third-country markets. Five sectors were identified for cooperation: processed food, health and wellness, green industries, gems and jewelry, and hospitality and services. The two countries see opportunities to combine India’s large market, skilled workforce, and technology capabilities with Thailand’s manufacturing expertise, product standards, and access to ASEAN. Thai business representatives also joined the visit to explore trade, investment, and innovation opportunities. Thailand is set to host the next Thailand–India Joint Trade Committee meeting in October, while both sides agreed to accelerate efforts to connect India’s Unified Payments Interface with Thailand’s PromptPay for cross-border QR payments. India is Thailand’s seventh-largest trading partner globally and its largest in South Asia. Bilateral trade reached 13.97 billion US dollars from January through July 2026, up 8.07% year-on-year, with Thai exports totaling 10.27 billion dollars and imports at 3.70 billion dollars. (NNT)