Bangkok Post | 25 June 2025
Thai trade envoy pushes for Thai-Russia FTA talks
Thailand Trade Representative Umesh Pandey held high-level discussions with Russian officials, aimed at strengthening bilateral trade and investment and reviving negotiations for a free trade agreement between Thailand and the Eurasian Economic Union (EAEU).
Mr Umesh met with key Russian ministers, including Deputy Trade Minister Alexey Gruzdev and Deputy Minister of Economic Development Vladimir Ilichev while attending the St. Petersburg International Economic Forum. Talks focused on enhancing economic cooperation, resolving trade obstacles, and resuming progress on the stalled Thailand-EAEU Free Trade Agreement.
Trade between Thailand and Russia has remained modest in recent years. However, in 2024, bilateral trade rose 4.59% year-on-year to US$1.58 billion, underscoring the potential for deeper commercial ties, particularly as Russia remains the largest economy in the Eurasian bloc.
During the meetings, Mr Umesh raised concerns over Russia’s suspension of Thai animal feed and canned tuna imports, as well as difficulties faced by tourists and businesses due to restrictions on international financial transactions. Russian officials reportedly agreed to revisit these issues and suggested further talks between relevant agencies.
Mr Umesh also held a meeting with Maxim Reshetnikov, Russian Minister of Economic Development who is also the head of the Russian delegation to negotiate a FTA between the Eurasian Union and its dialogue partners and asked Russia, a major country in the Eurasian Union, to help push other countries to negotiate a FTA with Thailand, to which the minister agreed to help push.
“I urged Russia, as a key member of the EAEU, to support the push for an FTA with Thailand. He expressed willingness to help facilitate negotiations,” he noted.
Mr Umesh also met with the Russian-Thai Chamber of Commerce, reassuring investors of Thailand’s openness to foreign investment and commitment to addressing challenges. Russian firms expressed interest in collaborating with Thai counterparts in sectors including pharmaceuticals, banking, hospitality, and ICT.
“The most frequently cited concern from both Thai and Russian businesspeople is the payment system, which is significantly hampered by sanctions and financial barriers,” he said. “I believe both governments must work closely to resolve this issue in order to enable sustainable trade and investment growth.”
Russia is currently Thailand’s 35th largest trading partner globally and its largest partner among EAEU member states. In 2024, Thailand recorded a trade surplus of US$188.67 million with Russia.
Thai exports to Russia amounted to US$885.46 million, up 7.87% from the previous year, with key products including rubber goods, computers and components, machinery, canned and processed seafood, and gems and jewellery. Imports from Russia stood at US$696.79 million, up 0.69%, consisting mainly of fertilisers and pesticides, metal ores and scrap, chemicals, plant products, and various categories of seafood.
Mr Umesh concluded by reaffirming Thailand’s interest in closer engagement with Russia across both the public and private sectors, while reiterating the need to swiftly overcome existing trade barriers to unlock future potential.
