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Our Bureau

New Delhi, Aug. 31 India today expressed the hope that its trade relations with Thailand would vastly increase in the light of the free trade agreement (FTA) negotiations that are currently under way covering trade in goods, services and investments.

This was stated by the Union Commerce & Industry Minister, Mr Kamal Nath, here when he met the Deputy Prime Minister and Minister of Industry of Thailand, Mr Kosit Panpiemras, during the Indo-Thailand bilateral talks.

Trade between India and Thailand has grown markedly from a level of $399.8 million in 1992 to $2,286 million in 2005-06 and in the first half of 2005-06 (April to September) this was $1,509 million.

Meanwhile, an official release issued here said that India and Australia have agreed to undertake a joint feasibility study into the benefits of an FTA in the light of rapid growth in trade and investment links between the two countries.

The study would begin late in 2007 and is likely to be completed in 2009. Two-way trade in goods and services between Australia and India reached $7.7 billion in 2006-07.

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