India and Thailand on Thursday reviewed the development of talks on connecting the Unified Payment Interface (UPI) with Prompt Pay Service of the southeast Asian nation and the agreement of industry transactions in native foreign money, the trade ministry mentioned on Thursday.
The problems have been mentioned right through the thirteenth assembly of the India-Thailand Joint Trade Committee.
The assembly was once co-chaired via Auramon Supthaweethum, Director General of the Department of Trade Negotiations, Ministry of Commerce of Thailand, and Indu C Nair, Joint Secretary within the Department of Commerce, India.
In the assembly, India raised the restriction confronted via home exporters of marine, poultry and meat merchandise in Thailand.
Both facets mentioned more than a few marketplace get admission to problems and technical obstacles confronted via their exporters and agreed to get to the bottom of them, it mentioned.
“The meeting also reviewed the progress of the ongoing efforts on connecting UPI of India with Prompt Pay Service of Thailand and the settlement of trade transactions in local currency,” it added.
Thailand is India’s essential buying and selling spouse in ASEAN (Association of South East Asian Nations) with overall industry of USD 16.89 billion.
Thailand accounts for 13.6 in line with cent of India’s overall industry with ASEAN.
It is a very powerful vacation spot for India’s gemstones and jewelry, mechanical equipment, auto and auto elements and agricultural merchandise, particularly marine merchandise.
Both facets emphasised the will for figuring out new possible merchandise and precedence sectors for increasing the bilateral industry.
The officers recognized a variety of possible commodities and sectors for bolstered partnerships equivalent to value-added marine merchandise, smartphones, electrical automobiles, meals processing and prescribed drugs.
“The countries also agreed that there is huge scope in collaboration in the service sector and agreed to explore establishing mutual recognition/cooperation arrangements in nursing, accounting, audiovisual and medical tourism,” it added.