The Royal Government of Bhutan and the Government of the Kingdom of Thailand held the 4th Joint Trade Committee Meeting (JTCM) on April 27-28, 2022 in Phuket, Thailand. The Bhutanese delegation was led by Hon’ble Lyonpo Loknath Sharma, Minister of Economic Affairs, Royal Government of Bhutan and the Thai delegation was led by H.E. Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, Government of the Kingdom of Thailand. The Ministerial Meeting was preceded by the Senior Officials Meeting which was co-chaired by the Director General, Department of Trade, Ministry of Economic Affairs, Royal Government of Bhutan and the Director General, Department of Trade Negotiations, Government of the Kingdom of Thailand.
Among others, the two Kingdoms agreed to enter into a Bilateral Trade Agreement and to renew existing Memorandum of Understandings on tourism and handicraft cooperation. Bhutan was also assured market access in Thailand for Bhutanese agricultural and non-agricultural exports under the Duty Free Quota Free scheme until Bhutan is no longer a Least Developed Country. The Bhutanese delegation also requested to expedite PRA formalities for potatoes which Thailand agreed to and Bhutanese honey can now be exported to Thailand after fulfilling SPS requirements by BAFRA. The Government of Thailand also agreed to collaborate in establishing a Geographical Indication system in Bhutan and extended invitations to participate in various trade fairs and related events to be held in Thailand in 2022.
The bilateral trade between the two countries has grown steadily over the years with total trade in goods accounting for US$ 25 million (Nu. 1.9 billion) in 2020. Thailand was recorded as Bhutan’s fourth largest trading partner in 2020 and 2021 and the meeting agreed to endeavor to enhance total trade to US$ 120 million by 2025. The 3rd Joint Trade Committee Meeting was held in Thimphu in September 2019.