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Kamal Nath discusses bilateral trade with Krirk-krai Jirapaet

Apr '07
Shri Kamal Nath, Union Minister of Commerce & Industry, had a bilateral meeting with Mr. Krirk-krai Jirapaet, Minister of Commerce of Thailand here.

The discussions covered review of bilateral trade and bilateral investments, with both the Ministers underlining the scope for substantially stepping up the level of two-way trade, which stood at US $ 2.2 billion in 2005-06 (comprising US $ 1 billion worth of India's exports to Thailand and India's imports from Thailand valued at US $ 1.2 billion).

India's exports to Thailand registered a growth of almost 20% over the previous year, while imports from Thailand increased by about 39%.

With regard to investments, while several major Indian companies have invested in Thailand, in the post-liberalisation era, Thailand too had emerged as an important investor in India with foreign direct investment (FDI) inflows of about US $ 77.6 million from August 1991 to December 2006.

Thailand now ranks 27th largest investor in India and the 3rd largest from the ASEAN region, after Singapore and Malaysia.

There is a Framework Agreement for establishing a Free Trade Area (FTA) between India and Thailand which was signed by the two governments in October 2003 in Bangkok, covering goods, services and investment and areas of cooperation.

The Framework Agreement also provides for a Early Harvest Scheme (EHS) under which common items of export interest to the sides have been agreed for elimination of tariffs on a fast track basis.

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