The Hindu : Business : India, Thailand FTA on track

Online edition of India's National Newspaper
Wednesday, Jun 27, 2007
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Business

India, Thailand FTA on track

Staff Reporter

Thai Prime Minister launches roadshow

Invites Indian businessmen to invest in Thailand
Bilateral trade target set at $4 b in 2007

NEW DELHI: Prime Minister of Thailand Surayud Chulanont on Tuesday said both Thailand and India would conclude a Free Trade Agreement (FTA) by 2010 that would further boost strong bilateral economic ties. “The two countries are on track to conclude an FTA in the near future with a view to establishing the FTA covering trade in goods by 2010,” General Chulanont said at the India-Thailand Business Summit jointly organised apex chambers.

On the occasion, General Chulanont announced the launch of India-Thailand FTA roadshow to develop business opportunities. To be led by Thai Deputy Foreign Minister Sawanit Kongsir, the seven-day roadshow will begin on June 28 and visit all the major Indian cities. Leading Thai investors and businessmen will be part of the roadshow.

Expressing satisfaction over the growing Indo-Thai business relations, General Chulanont said the FTA would benefit both economies as it would boost trade and investments. “We look forward to concluding regional FTAs in the frameworks of the Association of Southeast Asian Nations (ASEAN) and BIMSTEC (the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation that groups together Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand) that would benefit regional economy as a whole,” he added.

Stressing the importance of the proposed FTA, General Chulanont said that since the elimination of tariffs on 82 items under the early harvest scheme of limited FTA in 2004, bilateral trade jumped to $3.4 billion last year, while the target of $4 billion by 2007 was likely to be achieved.

Fresh FTA negotiations between Thailand and India regarding will begin next month.

Welcoming Indian businessmen to invest in Thailand, General Chulanont said India could become Thailand’s major trade and investment partner, particularly in the field of information technology and pharmaceuticals.

Speaking on the occasion Union Commerce and Industry Minister Kamal Nath said that diversifying the trade basket and enlarging the scope of the proposed FTA from trade in goods to services and investment would further strengthen bilateral relations.

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