India to sign free trade agreement with Thailand

By Staff
|
Google Oneindia News

Agartala, Jun 22: India is all set to sign a free-trade agreement and duty free business with Thailand in the next couple of months.

According to commerce ministry officials visiting here, the negotiations for setting up export-import business with Thailand had started in 2004 but it was stopped for the time being on certain issues including India's demands to exclude almost 500 items from the tariff reduction package.

The exclusions mean the draft accord would lower 70 per cent of the trade tariffs between the two nations, less than the 90 per cent World Trade Organisation goal, the officials said adding that the agreement was expected to be finalised by that time.

The officials stated that India is interested to go for a feasible trade agreement not only with Thailand but also with other neighbours to strengthen the economic base among the countries.

India and Thailand have already cut duties on about 80 products, they said adding '' we are quite optimistic of a positive outcome in the coming days and the work toward signing a trade agreement is progressing well, as India is looking at 30 per cent annually trade growth between India and Thailand.'' India has been contemplating for excluding natural rubber and some agricultural and manufactured products made by both nations.


UNI

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