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FTA to lead to increased trade between India, Thailand
PTI - Bangkok
The free trade agreement between India and Thailand
will result in significant creation of business as a result of increase in the
level of two-way trade between the two countries, said analysts.
The first phase of the agreement will help the two
countries to trade freely in machinery, precious stones, jewellery and electrical
appliances, officials at the India-Thai Chamber of Commerce said. Thailand and
India plan to cut tariffs on a number of goods to zero by 2010.
Thai investments approved in India during 2000 and
2001 were US$ 0.1 million and US$ 0.3 million respectively. The cumulative inflow
of FDI from Thailand as on May 31, 2002 was US$ 66.2 million. Thailand ranks
18th among the foreign countries and third among ASEAN in terms of investment
approvals during 1991 to December 2002 with India.
In 2002, bilateral trade between India and Thailand
increased by 2.66 per cent over 2001 to reach US$ 1184.8 million. Indian exports
registered an increase of 14.92 per cent whereas Thailand’s exports declined
by 14.36 per cent over 2001. A significant increase in terms of value has been
on Indian exports of metals and waste scrap (219.44 per cent) and industrial
use machines (55.46 per cent) compared with the same period in 2001.
At present there are 26 joint ventures between the
two countries. The major Indian groups here are Aditya Birla Group, Ballarpur
Industries, Baroda Rayon group, Usha Martin Industries, Ranbaxy Laboratories,
Lupin Laboratories and Indo-Rama.
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