Thailand presses for free trade agreement with India
Thailand is encouraging India to wrap up a bilateral free trade agreement covering services, goods and investment after more than ten years of negotiations, the Thai Ministry of Commerce said.
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In mid-July, the ministry’s delegation attended the 30th round of talks in New Delhi, India.
India is seen as a gateway for Thailand to enter the market in South Asia and the Middle East, while Thailand could be a springboard for India to access the Association of Southeast Asian Nations (ASEAN) and East Asia markets.
If the pact is finalised, many Thai enterprises could expand in India, with some Thai companies having already invested there, such as Charoen Pokphand Foods, Italian-Thai Development and Srithai Superware.
Those benefits will serve Thailand’s “Look West” policy, as well as India’s “Act East” policy and “Made in India” scheme in order to woo more foreign investment.
India is Thailand’s 13th largest trade partner and No. 1 in South Asia. Two-way trade averaged US$8.46 billion annually over the past five years and reached US$7.92 billion last year, accounting for 1.9% of Thailand’s total foreign trade.
