Thailand eyes more items under Indo-China FTA
Business Standard, India
Thailand eyes more items under Indo-China FTA
Our Regional Bureau / Hyderabad
9 September 2005
Thailand is looking at increasing the number of items under the Free Trade Agreement (FTA) between India and China to 5,000 from the present 82. Besides, due to the existing FTA between the two countries, it also expects the bilateral trade to grow to around $5 billion from the present $3 billion.
Addressing a press conference held to announce the details of Thailand Exhibition 2005 in Hyderabad, Tharadol Thongruang, counsellor (commercial), office of commercial affairs, Royal Thai Embassy, said, “With the existing FTA between the two countries, the bilateral trade is expected to grow to $5 billion from the present $3 billion in the near future.”
While major exports from India include gems, jewellery and oils, major imports from Thailand include garments, rubber and machinery. Exports to Thailand comprise 45 per cent of the bilateral trade with the remaining 55 per cent being imports.
“At present, there are 82 items under the FTA list. We are looking at increasing this number to 5,000,” Thongruang added.
Under the FTA, the import duties on the listed items will have zero-duty from September 1, 2006. Incidentally, because of the FTA, Indian automobile majors like Bajaj, according to Thongruang, are looking at setting up a manufacturing facility in Thailand.
The department of export promotion, ministry of commerce, Thailand, is organising Thailand Exhibition 2005 at HITEX Exhibition Centre, Hyderabad. The exhibition will have 50 exhibitors from Thailand displaying products like fine jewellery, artificial flowers, home decor, handicrafts, spa products and cosmetics.
The exhibition is being organised from September 9-11, 2005, to provide a forum for Thailand companies to interact with Indian traders and consumers.
The participating companies are also looking at tying up with importers, distributors and retailers in India for marketing their products in India. Last year, the exhibition attracted 20,000 visitors. This year, it expects the number to go up to 30,000 visitors.
