The Ministry of Industry has revealed that Russia expressed interest in introducing steel products to Thailand, along with other products like electrical equipment and batteries.
Pimphattra Wichaikul, Minister of Industry, said that the Trade Representation of the Russian Federation in the Kingdom of Thailand recently discussed with the Thai Industrial Standards Institute (TISI) about standards and regulations related to importing TISI-regulated goods into Thailand. Currently, there are 144 items related to public safety under TISI’s purview.
Russia ranks as Thailand’s 37th trading partner and the first within the Eurasian Economic Union, comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
The top exports to this region include automobiles, equipment, and components, accounting for 30-40% of the total export value. Following are rubber products, agricultural and food products, electrical switches and control panels, and sanitary goods for infectious disease prevention like rubber gloves and condoms.
In 2023, the trade value between Thailand and Russia amounted to 53.44 billion baht. Thailand exported goods worth 29.22 billion baht to Russia and imported goods valued at 24.21 billion baht, resulting in a trade surplus of approximately 5 billion baht.
Regarding industrial cooperation, the Ministry of Industry of Thailand signed a Memorandum of Understanding (MoU) with the Ministry of Industry and Trade of Russia.
The MoU aims to enhance cooperation in industrial development, focusing on technology and innovation. It also seeks to foster collaboration in industrial development, particularly among startups and SMEs, and supports information exchange to promote investments in Thailand’s Eastern Economic Corridor (EEC) and Russia’s Far East region, among other initiatives.