Thailand speeds up further FTA talks with India

Thailand is speeding up further free trade negotiations with India, as the Ministry of Commerce has announced Bangkok and New Delhi should conclude the further talks as part of the already-implemented Thailand-India Free Trade Agreement (FTA) by mid 2012. Srirat Rastapana, Director-General of the ministry's Department of Trade Negotiations, said that further FTA talks between Thailand and India have been made much progress, with the next round of the talks set in April 2012. Srirat acknowledged that the negotiations are aimed to address liberalization in the markets of products and services and investment, as well as technical obstacles to trade, measures concerning the hygiene of plants and animals, legal issues and dispute resolution processes. According to the senior official, Thailand and India are likely to reach conclusions on the matters by mid 2012, after making progress in facilitating customs clearance and economic cooperation. Two-way trade between Thailand and India amounted to about 8 billion US dollars, or 248 billion baht, last year, a 23 per cent surge from 2010, with Thailand gaining a trade surplus worth 2 billion US dollars. Major Thai exports to India include chemical products, plastic pellets and rubber; while Thailand's main imports from India include diamond, gems, machines and parts. Both countries expect to boost their mutual trade value to 16 billion US dollars by 2014. (TNA)