01-07-2025
Russia forum spurs talks
A Thai trade representative visited St Petersburg last month to strengthen economic ties between Thailand and Russia, while also attempting to revive negotiations for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU).
Thai representative Umesh Pandey attended the St Petersburg International Economic Forum 2025, held from June 18 to 21, according to a statement from the Thai trade team. At the forum, Mr Umesh spoke with senior Russian officials, including the deputy trade minister and the deputy economic development minister.
Discussions focused on the issue of suspended Thai exports, including animal feed and canned tuna, as well as the need to improve cross-border payment systems that have been hindering tourism and commerce. Russian officials agreed to review the trade restrictions and explore direct talks between agencies.
Mr Umesh also met with the economic development minister, who leads Russia's EAEU FTA negotiations, and urged Russia to support resuming talks with Thailand. The Russian side expressed willingness to assist in encouraging other EAEU members to return to negotiations.
From meetings with the Russian-Thai Chamber of Commerce and business leaders, Mr Umesh said Russian firms showed interest in partnering with Thai companies in pharmaceuticals, banking, hospitality, and ICT, according to the statement.
Mr Umesh noted that the main barrier to business expansion remains limited financial transaction channels. He called on both governments to prioritise resolving this issue.
