Thailand, India to step up bid for FTA
THAILAND has encouraged India to wrap up some parts of their long-awaited comprehensive free-trade agreement after protracted negotiations on some topics including the liberalisation of services.
After her recent meeting with India Ambassador Bhagwant Singh Bishnoi, Commerce Minister Apiradi Tantraporn said yesterday that both countries agreed to accelerate the completion of the Thai-India FTA after implementing the Early Harvest Programme back in 2004 covering 82 items.
“With disagreement on some topics, Thailand thinks both countries should finalise the agreement in some parts and continue negotiating on the remaining topics,” she said.
In the meeting, Thailand asked for India to solve problems in gold exorts to India in regards of rule of origin certification.
Thailand has also shown strong interest in joining the Indian government’s “Make in India”, “Smart Cities” and “Economic Corridor” schemes.
Many Thai private enterprises would like to join those projects as they see greater businesses opportunities arising amid the strong growth of India’s economy, she said.
Interesting industries for Thais to invest in in India are construction, food, tourism and many service businesses.
India and Thailand have also agreed to support the Asean-India FTA and the negotiation of the Regional Comprehensive Economic Partnership by this year.
India is Thailand’s 15th largest trading partner in the world and No 1 in South Asia.
Two-trade trade has averaged annually US$8.46 billion in the past five years.
Last year, bilateral trade reached $7.92 billion, accounting for 1.9 per cent of Thailand’s total trade.
