Thailand urges India to conclude negotiation on FTA

Chennai, June 29: Thailand today urged the Indian government to conclude the on-going negotiation on Free Trade Area (FTA) agreement between both the countries to bring the economic cooperation to a higher level of trade and investment.

A 30-member Thai business delegation, comprising governmental and private sector were here to strengthen the trade investment cooperation between the two nations.

Talking to sources here, Deputy Minister of Foreign Affairs of Thailand, H E Sawnit Kongsiri, said Thailand was committed to integration of open market economy with the global economy. We will continue to create conducive conditions for foreign trade and investment, he added.

Mr Kongsiri said Thai government was looking forward to India's continued efforts to reform the economy and to provide greater market access to foreign goods and investments.

The minister said ''Indian businesses have already gained a strong foothold in Thai industrial and economic landscape, while Thai businesses were keen to enter Indian market''.

Thailand would like to learn from Indian potential areas, where the Indian business community seeks opportunities for the expansion of bilateral trade and investment, Mr Kongsiri said adding ''we can then formulate strategies calibrated to facilitate greater trade and investment flows between the two countries''.

Mr Kongsiri pointed out the benefits of implementing the Early Harvest Scheme of FTA framework in 2004, where tariffs on 82-items were gradually reduced and brought down to Zero level from September 2006.

''This fast-tracking has led to unprecendented levels of bilateral trade'', he said.

Thailand Minister said the business opportunities that his country hoped to explore in India, among others, include food processing, agro-industry, automotive components industry, retail, tourism and related industries, civil aviation, infrastructural development, pharamaceuticals and fisheries through joint ventures. ''In 2005, our trade volume stood at a little over two billion US Dollars and today, we have reached approximately 3.4 billion US Dollars'', Mr Kongsiri said adding ''the target of reaching four billion US Dollars by 2007-end is well within sight''.

Mr Kongsiri said Thai Prime Minister reaffirmed in New Delhi the government's commitment to conclude the negotiations on FTA at the earliest.

Efforts will be taken with double vigour to speed up the negotiations by ironing out the shortcomings, he added.

UNI

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