India-Thailand Free Trade Agreement Review
India’s Prime Minister Manmohan Singh and Thailand’s Prime Minister Abhisit Vejjajiva are to meet next month to discuss the progress made on the proposed India-Thailand comprehensive free trade agreement. The agreement is in addition to the India-ASEAN FTA signed in January 2010, of which Thailand is a member of.
Abhisit Vejjajiva will be in India for his visit commencing on April 5th. Between the two countries they have already removed the duties on 82 items under the ‘Early Harvest Scheme’, which was the first phase of the free trade agreement, launched in 2004. The ‘Early Harvest Scheme’ is to be upgraded into a comprehensive arrangement for the reduction and eventual elimination of 90% of goods traded.
In addition to this the free trade agreement will also open trade in services & investments by the end of the year. During the last year trade between the two countries was at US $4.5 billion, and it is hoped will reach US $6.5 billion this year.