India has decided to reconsider its trade agreement with Thailand on grounds that there might be an inequity in benefits for the two countries.
In a two day meeting held on from January 31, the Trade Negotiation Department of India offered to revise the approved deal of tariff cuts and is likely to exempt petrochemicals and textiles from the list.
This proposal will surely end up in retarding agreements between the two countries. Negotiators from Thailand have concluded that India is probably waiting for the outcomes of the regional free trade agreement talk that would come in, only by Feb 13-15.
For a long time, Vietnam and Thailand are expecting tariff concessions for petroleum products. Besides, Brunei has also been in queue for a cut on export duties for petroleum.
Delay of the bilateral trade agreement is bound to bring about a loss of opportunity for Thailand to expand its trade with India. However, if the contract materializes, the agreement would help boost two-way trade between the two countries to over US $10 million in the next three years from the present $5 billion.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
