Bangkok, Oct 10: India and Thailand's private sectors have decided to work together in areas of food, information and communications technology to reap the benefits of the historic Free Trade Agreement signed between the two Asian countries here. The Federation of Indian Chamber of Commerce and Industry (Ficci) and the Federation of Thai Industries (FTI) signed a memorandum of understanding here yesterday to conduct a joint study on developing a framework under the FTA with plans to release it within three months. Under liberalised trade, the two trade bodies see the potential of two-way trade between "India and Thailand to jump to USD five billion within five years from the current USD 1.2 billion. They also expect a dramatic upturn in investment flows between the two nations." Ficci chief A C Muthiah said the agreement called for closer cooperation between the private sectors of the two countries by working together. The food sector will be among the first priorities for cooperation. Bureau Report