The Hindu Business Line : `Indo-Thai trade prospects bright under Framework pact'

Pointing out that the convergence of Thailand's `Look West' and India's `Look East' policies augured well for growing trade and economic relationships between the two countries, Mr Manop Mekprayoonthong, Consul General, Royal Thai Consulate, Kolkata, has said here that the 2003 Indo-Thai Framework agreement for reducing tariffs in phases has worked well.

Speaking at an interactive session on `Enhancing Indo-Thai Business Prospects', organised by the Bengal National Chamber of Commerce (BNCCI) on Wednesday, he said the aim was to reduce tariffs to zero level by 2010, beginning with the Early Harvest Scheme of 82 items under which tariffs will be reduced by 50 per cent within a specific time framework.

Pointing out that the next round of tariff negotiations, pertaining to a list of 4,000-5,000 items, expected to begin next month in New Delhi will be tough, the Consul said things looked bright for future trade prospects between the two countries.

The Consul said he has already had a dialogue with the Chief Minister, Mr Buddhadeb Bhattacharjee, on ways to find a solution to the problems in the fisheries sector.

Earlier, in her welcome address, Ms Nayantara Palchoudhuri, President of BNCCI, said the Indo-Thai trade has crossed the $2-billion mark, with Indian exports increasing from $901.02 million in 2004-05 to $1.06 billion in 2005-06, registering a growth of 17 per cent. She said imports from Thailand into India have risen from $865.52 million in 2004-05 to $1.2 billion in 2005-06, reflecting a 38 per cent growth.

The major items of Indian exports to Thailand were gems and jewellery, non-ferrous metals, primary and semi-finished iron and steel, oil meals, machinery and instruments, drugs, pharmaceuticals and fine chemicals, transport equipment and agro-chemicals.