Thailand presses for speedy conclusion of FTA with India

Thailand today called for speeding up negotiations for conclusion of a free trade agreement with India by focussing on simpler things, saying the pact should be a "win-win situation" for both.
"We are currently negotiating an FTA. We need to work faster on this. I would like this to be a win-win situation for both sides," Thailand Prime Minister General Prayut Chan-o-cha said while addressing an industry event.
According to him, the two countries must move ahead on the FTA by focussing on simpler things and sorting them out.
He also said there are almost 30 agreements that have been signed between India and Thailand, but there is a need to implement this with vigour and added that focus should be on taking action.

At a meeting of joint forum here, business leaders from both sides set a target of USD 16 billion bilateral trade by 2021.
The Thailand Prime Minister expressed his willingness to give Indian private sector incentives and waive obstacles, adding that the country would like India to invest in sectors like auto parts, chemicals and pharmaceuticals, among others.

Chan-o-cha has met Prime Minister Narendra Modi and the two leaders discussed issues of "mutual interest and concern" along with Thai-Indian and Thai-Asean issues.
It was agreed that Thailand and India would begin talks and establish a free trade agreement (FTA) by 2010.

Both the countries initially agreed to enact an early harvest scheme (EHS), meaning agreements on one or more topics must be concluded before the scheduled completion of a multi-issue round.
The agreement specified tariff reductions under the EHS for 82 items, including fruits, processed food products, gems and jewellery, iron and steel products, auto parts, electronic goods and electric appliances. Tariffs on these products were eliminated on September 1 of 2006.
"Aside from bilateral, regional and global matters, we
reaffirmed our commitment to move together," he said, adding that the two countries need to make each other gateway to their respective regions.

Describing PM Modi as a "model", Chan-o-cha said the quality of human resource development pool in India is constantly developing ever since Modi came to power.
Noting that he was not worried about India's growth, the Thailand Prime Minister said: "I hope you will take us along as a bigger economy and friend."
Outlining the areas for mutual cooperation, Chan-o-cha stressed on promoting engagement in tourism. Efforts are on to enhance connectivity in the region and beyond through the economic corridor, he said.
Observing that India could use Thailand as a base to export to the ASEAN market, Chan-o-cha indicated that he is ready to explore more avenues of bilateral cooperation.

He also urged India and Thailand to work towards promoting the Buddhist circuit as many Thais are interested in visiting sacred Buddhist sites in India and offered assistance to improve roads and other infrastructure around these places.
He said the two nations must identify clusters for mutual co-operation as well.
Thailand and India signed a framework agreement covering liberalisation of trade in goods, services and investment on October 9 in 2003.
India is Thailand's 15th-biggest trading partner and largest in South Asia. Over the last five years, the annual two-way trade averaged USD 8.47 billion.
In 2015, the bilateral trade reached USD 7.92 billion, making up 1.9 per cent of Thailand's exports. Thailand enjoyed a trade surplus with India at USD 2.67 billion last year.