PM to wrap up Thai-India FTA in New Delhi
Prime Minister Yingluck Shinawatra is leading a delegation to New Delhi today to complete the comprehensive Thai-Indian free-trade agreement after eight years of negotiations.
Srirat Rastapana, director-general of the Commerce Ministry’s Trade Negotiations Department, said yesterday that the mission aimed to strengthen trade and economic cooperation.
The two countries will be under pressure to declare their intention to conclude the comprehensive pact after only trade in goods was liberalised, she said.The comprehensive FTA will cover more trade and add services and investment. It is expected to boost bilateral trade to US$16 billion (Bt500 billion) by 2015.
Thailand will enjoy closer trade and investment ties with India, whose economy is booming, she said.
Commerce Minister Boonsong Teriyapirom is also joining the mission to India to sign the agreement with his Indian counterpart on the extension of the FTA to third countries. The deal will also open up trade opportunities for refrigerator manufacturers.
The draft of the comprehensive FTA covers 10 key issues, including reduction and elimination of tariffs; follow-up on the early-harvest scheme that eliminated duties on 82 products; trade measures for goods, services and investment; safeguards and remedial measures; and dispute settlement.
The bilateral pact and the Asean-Indian FTA, which will cut duties to zero for 70 per cent of products next year, is expected to bolster trade tremendously.
Last year, bilateral trade surged 34.23 per cent to $8.19 billion, with Thailand enjoying a large trade surplus of $2.16 billion. Shipments from PETCHANET
