AndhraNews.Net - Indo-Thailand Trade Pact

New Delhi: August 16, 2004

Rajya Sabha

India and Thailand signed a Framework Agreement for Establishing Free trade Area on 9th October 2003 in Bangkok, Thailand. The Framework Agreement provides for negotiations for tariff reductions/elimination in order to establish India-Thailand Free Trade Area (FTA) covering trade in goods by 2010. The key elements for the Framework Agreement cover the FTA in Goods, Services and Investment and identified areas of Economic Cooperation. The Framework Agreement also provides for an Early Harvest Scheme (EHS) under which a common list of items has been agree for elimination of tariffs on fast track basis. The key elements are the subject of ongoing negotiations and have not been implemented as yet. The proposed establishment of Free Trade Area between India and Thailand is expected to promote bilateral trade and investment flows. This would depend on the complementarities and comparative advantages of various industries. Invariably, investment decisions are influenced not just by the changes in tariffs but also by other factors such as the cost and availability of raw materials, skilled manpower and infrastructural facilities.

This was stated by Shri E. V. K. S. Elangovan, Minister of State for Commerce & Industry, in a written reply here today in the Rajya Sabha.

Press Release: PIB

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