'FTA will double India-Thai bilateral trade to $14 bn'
Implementation of the free-trade agreement between India and Thailand would double the bilateral trade to USD 14 billion, a Thailand envoy said Tuesday.
Chennai: Implementation of the free-trade agreement between India and Thailand would double the bilateral trade to USD 14 billion, a Thailand envoy said Tuesday.
"Trade between India and Thailand grew from USD 4.7 bn in 2007 to USD 8.2 billion in 2011, almost double. I do believe, that the implementation of ASEAN-India Free Trade Agreement and India-Thai Free Trade Agreement will result in greater trade expansion," Royal Thai Consulate Consul General Chanchai Charanvatnakit said.
Participating in a seminar here, he said, "The goal for our bilateral trade volume of USD 14 bn in three years could be easily achieved".
India exports various products in gem and jewellery, metal ores, chemicals, machinery, vegetables, electrical household appliances and pharmaceutical products. It imports chemicals, polymers of ethylene, autocomponents, rubber, iron and steel, he said.
On the tourism front, he said due to recent heavy floods that caused loss of several lives and huge damage to public properties, arrival of Indian tourists was below the target of 10 lakh with only 9.2 lakh people visiting the country. "We will reach that dream (of crossing 10 lakh Indian tourists) this year," he said.
Thailand Prime Minister Yingluck Shinawatra early this year, visited India during the Republic Day celebrations and proposed Chennai as the gateway for maritime connectivity between India and ASEAN which would further connect Thailand.
"This connectivity can save time for your product shipment to ASEAN and China about one or two weeks. Ofcourse, it can save your money too," he said.