India and Thailand today hoped that a comprehensive market opening bilateral trade pact will be concluded soon after completion of the next round of talks in June-July to give a further fillip to economic ties.
"Given the emerging convergence on most issues, both sides expressed hope that the negotiations be concluded soon after the next round of negotiations (for FTA) in June-July 2013 in Bangkok," said a joint statement issued by Prime Minister Manmohan Singh and his counterpart from Thailand Yingluck Shinawatra.
The two countries have already abolished customs duties on 82 items under an 'Early Harvest Scheme' (EHS) launched in 2004. EHS is the initial phase of the proposed comprehensive free trade agreement (FTA.
The two Prime Ministers, according to the statement, reaffirmed their strong commitment to achieve a comprehensive and balanced outcome of the Thailand-India FTA negotiations.
Both sides appreciated the progress made in the negotiations since the last round held in New Delhi in November 2012.
Singh said the two sides have directed ministers to quickly resolve the few outstanding issues to achieve a comprehensive and balanced FTA at the earliest.
The Prime Ministers advised their respective negotiators to show the required flexibility in concluding the long pending negotiations to give a further fillip to the bilateral trade which has shown healthy growth even during the current economic slowdown.
Over the past five years, India's trade with the ASEAN country increased at over 15 per cent per annum. Last year, it crossed USD 8.6 billion. Both sides hoped that bilateral trade would continue to further expand for the mutual benefit and sustainable economic growth of both countries.
Singh was here in the second leg of his two-nation tour.
