Bangkok [Thailand], April 4 (ANI): Prime Minister Narendra Modi and his Thai counterpart, Paetongtarn Shinawatra, agreed to strengthen the existing mechanisms of defence cooperation and promote further collaboration between the defence sectors of the two nations.

The two leaders held a meeting on Thursday and discussed various areas of bilateral cooperation including defence and security, trade and investment, connectivity, science and technology, innovation, space, education, health, culture, tourism and people-to-people exchanges. The two leaders also agreed to elevate the bilateral ties to a Strategic Partnership.

India and Thailand also exchanged Memorandum of Understanding (MoUs) across various sectors. The Strategic Partnership is based on mutual commitment to strengthen bilateral relations for the continuing peace, stability and prosperity of the two countries and their respective regions.

The Strategic Partnership will serve as an important foundation for India and Thailand to chart a future-oriented and mutually-beneficial path towards increasing opportunities, closer cooperation and to jointly respond to common challenges.

The Joint Declaration on the Establishment of India-Thailand Strategic Partnership said, 'Strengthen the existing mechanisms of defence cooperation, as well as to promote further collaboration between the defence sectors of the two countries, with particular emphasis on defence technology, defence industry, research, training, exchanges, exercises and capacity building including by establishing appropriate mechanisms.'

'Enhance security cooperation through regular dialogues and exchanges between the respective security and law enforcement agencies/ organisations, also by including a Deputy National Security Adviser/ Secretary General level strategic dialogue between the Thai National Security Council and the National Security Council Secretariat of India, to address the increasingly challenging global and regional security environment and cooperate on both traditional and non-traditional security issues such as defence, maritime security, cybersecurity, counter terrorism, law enforcement issues and combating transnational organised crime like cyber-crimes, international economic crimes, anti-money laundering and human, drug, arms and wildlife trafficking, through exchange of information and intelligence, and sharing of best practices,' it added.

Both sides agreed to organise regular meetings and exchanges between the respective Ministry of Commerce and Industry under existing mechanism of the Joint Trade Committee between India and Thailand.

The two leaders also agreed to ensure annual meetings of existing mechanisms to promote trade and investment between the two countries, to facilitate trade and resolve market access issues with a view to strengthening both countries' linkages to the global supply chain and to enhance the confidence of the private sectors of both countries; including through cooperation in harmonization, equivalence and Mutual Recognition of Standards of mutually agreed areas; and to prepare for new areas of trade and investment, particularly in future-oriented industries, such as renewable energy, electric vehicles, digital technology, robotics, ICT, space technology, biotechnology, creative industry and startups.

PM Modi and Paetongtarn Shinawatra welcomed the increasing bilateral trade, which reached approximately USD 15 billion in 2023-24 and seek to enhance sustainable bilateral trade to realise its full potential, through an expansion of economic linkages in potential areas. The two sides agreed to enhance sustainable trade in sectors like value-added marine products, smartphones, electrical vehicles, food processing, petroleum products, auto components, services and pharmaceuticals, according to the joint statement.

The Joint Declaration on the Establishment of India-Thailand Strategic Partnership said, 'Promote trade facilitation and to deepen cooperation under the existing agreements and frameworks, including the Framework Agreement for Establishing Comprehensive Free Trade Area between Thailand and India and the ASEAN-India Trade in Goods Agreement (AITIGA). Provide greater impetus to bilateral trade by exploring the establishment of local currency-based settlement mechanism.'

'To support and expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA) to make it more user-friendly, simple and trade facilitative for businesses, aiming to achieve substantial conclusion in 2025 and to strengthen supply chains between India and ASEAN Countries,' it added.

Both leaders agreed to promote closer collaboration between the investment promotion agencies of the two nations, including the Board of Investment of Thailand and Invest India, to promote effective utilisation of existing investment policies and schemes, particularly those driving forward the vision of Ignite Thailand through Act East Policy and Make In India, as well as the utilisation of Special Economic Zones (SEZs) and Industrial Corridors in both countries for increasing bilateral investment.

PM Modi and Paetongtarn Shinawatra agreed to organise regular meetings on annual basis of the India-Thailand Joint Business Forum (ITJBF) to serve as the main mechanism for exchanges and the promotion of joint projects and collaboration between the private sectors of the two countries.

The two leaders agreed to explore appropriate mechanisms to promote exchanges between entrepreneurs, SMEs, and startups. The joint statement said, 'Keeping in mind the common strategic goals of capacity building and increased market access for India and Thailand startup ecosystems, both sides agreed to conduct startup related activities including mentorship programmes and expert sessions on sectors of mutual importance, focused investor pitching, business matchmaking with corporates and business associations, innovation challenges, integration of academic institutes in both countries and supporting cross-incubation models.'

The two sides agreed to promote closer collaboration between the financial service providers in India and Thailand to facilitate trade, investment, and cross-border payments to strengthen economic and financial linkages between the two countries, according to the joint statement.

PM Modi and Thailand PM Shinawatra agreed to promote cooperation for sustainable economic growth, including Bio-Circular-Green Economy and Life Style for Environment, especially in the areas of renewable energy, and energy efficiency technologies, to meet both sides' respective climate change goals. (ANI)