FRIDAY, March 29, 2024
nationthailand

Thai-Indian FTA to be concluded mid-2012

Thai-Indian FTA to be concluded mid-2012

Thailand and India set sights to conclude the free trade agreement (FTA) in the middle of this year, following the signing of some agreements during the official visit of Thai delegation this month, according to the Trade Negotiations Department.


 Under the agreement signed by newly appointed Commerce Minister Boonsong Teriyapirom, which will take effect on April 1, import tariffs of two-door refrigerators would be reduced to zero per cent. Exporters of both countries are also allowed to enjoy the low tariffs for merchandises purchased from the third country.

The delegation completed the three-day visit on Jan 26.


 To Srirat Rastapana, director-general of the department, this is another key milestone before the FTA would be completed in June.
 Last year, the bilateral trade between the two countries was worth uS$8.19 billion, up by 23.29 per cent from the previous year. However, the value accounted for only 1.7 per cent of Thailand's trade value, which is rather small given the size of the Indian economy, Srirat said.
 Thailand and India agreed to the goal to double the bilateral trade within 2014.
 During the visit, Thailand proposed the establishment of the Trade and Investment Forum, to be represented by government units and the private sector (the Federation of Thai Industries, Thai Chamber of Commerce and Thai Bankers Association), to promote trade and investment.

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