Sunday, July 31, 2016

Bilateral trade b/w. #Thailand and India likely to cross US$ 15 billion during FY 2016-17

Department of International Trade Promotion (DITP) Thailand organised a 3 day Trade show in Bengaluru recently. Nearly 40 buyers, importers, distributors from various segments like Food and Beverages, Health and Beauty Products, Home Décor and Household Products, Garments and Fashion Accessories prticipated in the trade show organised by Thai Trade Centre, Mumbai.The Consul General of Thailand, Ms. Krongkanit Rakcharoen inaugurated the Trade show along with other Thai Trade officials.

According to Department of Commerce Export Import Data bilateral trade between Thailand and India likely to cross US$ 15 billion during FY 2016-17. Thailand and India have agreed to reduce tariffs between items to accelerate tax cuts (Early Harvest Scheme) for 83 items. India-Asean Free Trade Agreement (FTA) will lead to the elimination of tariffs on some 4,000 products including electronics, chemicals, machinery and textiles.

India's ties with Thailand have evolved into a comprehensive partnership. India's 'Look East' policy has been complemented by Thailand's 'Look West' policy in bringing the two countries closer. Both countries are important regional partners linking South and Southeast Asia. Thailand and India cooperate closely in the ASEAN, East Asia Summit (EAS) and BIMSTEC groupings as also Mekong Ganga Cooperation (MGC), Asia Cooperation Dialogue (ACD) and Indian Ocean Rim Association (IORA).

The Ministry of External Affairs (MEA) is planning to extend the proposed India-Myanmar-Thailand highway to the CLMV (Cambodia, Lao PDR and Vietnam) countries in the second phase.The trilateral highway is crucial for the success of the Modi government’s ‘Look East’ policy.