The final signatures will be put on the India-ASEAN free trade agreement this August, according to Thai industry minister Chanchai Chairungruang.
It will be signed during the ASEAN Economic Ministers conference to be held in Thailand, he told reporters in New Delhi.
Tariffs on over 4,700 products will be dropped from 1 January 2010 under the agreement, reported The Hindu.
“The Thailand Government would ensure effective implementation of the existing agreements and policies and also seek new measures to facilitate more investments from India,” said Mr Chairungruang.
Raw materials and industry will be the main focus of the new FTA, especially for India, but Thailand in particular is seeking to encourage more Indian companies to invest in the country’s economy, including the agriculture sector.
“With trade between India and Thailand reaching US$6bn, Thailand was confident that there is a lot of scope for further enhancing trade relations in the backdrop of the ‘Early Harvest Scheme’ between the two countries and also the impending ASEAN-India FTA,” Mr Chairungruang added.
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