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Thailand seeks conclusion on Thai-Indian FTA this year

The Nation | January 23, 2012

Thailand seeks conclusion on Thai-Indian FTA this year

Thailand sets to complete the negotiations on the Thai-Indian free trade agreement (FTA) within this year, in its bid to boost bilateral trade to US$16 billion in 2015.

The Trade Negotiations Department announced the schedule ahead of Prime Minister Yingluck Shinawatra’s official visit to India during Jan 24-26 to participate in the national day’s celebration.

Srirat Rastapana, director-general of the Trade Negotiations Department, said in the statement that the visit strengthens the strategic partnership and under this auspicious occasion, the leaders of both countries would be coerced to announce the intention to conclude the FTA after eight years of negotiations.

The official said that bilateral trade should rise due to the bilateral FTA as well as the Asean-Indian FTA which will impose zero per cent tariffs on 70 per cent of products in 2013.

In 2011, bilateral trade was valued at $8.19 billion, up 34.23 per cent from the previous year. In the year, Thailand’s export value was $5.18 billion, generated mainly by chemicals, plastic pellets, jewellery and ornaments, para rubber, vehicles and parts.

 source: The Nation