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The progress on the proposed India-Thailand comprehensive free trade agreement will be reviewed between the two countries at the highest level early next month.
The Thailand Prime Minister, Mr Abhisit Vejjajiva, will take up the issue with the Prime Minister, Dr Manmohan Singh, during his India visit, beginning April 5, sources said.
“Both the Prime Ministers will review the progress of the proposed free trade agreement,” the sources said.
The two countries have already abolished the duties on 82 items under an ‘Early Harvest Scheme’ launched in 2004.
EHS is the initial phase of the proposed comprehensive free trade agreement (FTA), which is to be upgraded into a full-fledged arrangement for reduction and elimination of duties on about 90 per cent of goods traded between the countries.
The FTA will also cover opening up of trade in services and investment, areas of interest to India, the sources said, adding, “The negotiations are expected to complete by the end of this year.”
The bilateral agreement will be in addition to the India-ASEAN FTA, which was operationalised in January, 2010. Thailand is a member of ASEAN.
Besides the overarching FTA with ten South-East Asian countries, India had already implemented a comprehensive market opening pact with Singapore and inked a similar pact with Malaysia last month. The country is also negotiating a similar agreement with Indonesia.
In 2009-10, two-way commerce between India and Thailand stood at $4.5 billion and is expected to cross $6.5 billion this fiscal.
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