Hotline: 1800 102 2007
X
Loading
Search Business Opportunities
2014-03-10

India ready to sign FTAs with Asean, Thailand

India is ready to sign a comprehensive free-trade agreement with Asean and a bilateral one with Thailand soon to ensure continued cooperation with Southeast Asian nations, hoping to take part in the expected benefits from regional integration while serving India\\\\\\\'s \\\\\\\"Look East\\\\\\\" policy.

India is ready to sign a comprehensive free-trade agreement with Asean and a bilateral one with Thailand soon to ensure continued cooperation with Southeast Asian nations, hoping to take part in the expected benefits from regional integration while serving India's "Look East" policy.



However, India is waiting for Thailand and others to put new governments in place before signing the FTAs.



Indian External Affairs Minister Salman Khurshid said his country understood Thailand's situation and would wait patiently for the right time to sign a bilateral FTA. India expects Thailand to get a new government soon so that the pact can be finalised.



Although trade deficits are always a risk of liberalisation, India can compensate by investing more in each target country and thereby improving the trade balance. This is a win-win strategy, the minister said. 



Thailand and India have already implemented some trade liberalisation in the goods sector. The two sides recently also came to a tentative agreement on the service and investment sectors, which they hope to ratify this year.



Khurshid said that after closer cooperation is established, India expected to boost two-way investment.



According to the External Affairs Ministry, India targets bilateral trade with Asean totalling US$100 billion by 2015, and to $200 billion by 2020. Last year Asean-India trade was valued at $76 billion (Bt2.45 trillion). With a combined population of 1.8 billion and total gross domestic product close to $4 trillion, India is confident such trade targets are achievable.



Anil Wadhwa, Secretary (East) of the Ministry, said India had already finalised its negotiations with Thailand and Asean on comprehensive pacts covering trade in goods, services and investment.



"India is waiting for Asean countries to complete their processes for signature. Also, we are waiting for Thailand to have a new government so that we can sign the comprehensive FTA for boosting trade and investment sustainably," he said. 



Wadhwa added that after a comprehensive pact between Thailand and India had been imposed, trade and investment should grow strongly, by 30-40 per cent a year. 



India also expects that the highway connecting it with Myanmar and Thailand will be completed by 2016, and that this land connection will be an efficient gateway for India and Asean countries to enhance trade, tourism and investment. This trilateral highway will connect Moreh in the northeastern Indian state of Manipur to Mae Sot in Thailand's Tak province.

Related opportunities
  • Quick Service Restaurants
    Greetings from Rollacosta !!! ‘Rollacosta’ is brought to..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2012
    Investment size Rs. 10lac - 20lac
    Space required 80 to 500 sq feet
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • About:The Swiss Laundry is a brand that started in 2013..
    Locations looking for expansion New Delhi
    Establishment year 2003
    Franchising Launch Date 2017
    Investment size Rs. 30lac - 50lac
    Space required 800 - 1800 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Real Estate Sub
    RE/MAX is one of the World’s largest and most successful..
    Locations looking for expansion New Delhi
    Establishment year 1973
    Franchising Launch Date 2009
    Investment size Rs. 10000 - 50 K
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Tea and Coffee Chain
    Stark Bistro is an effervescent & lively cafe with a..
    Locations looking for expansion Orissa
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Cuttack Orissa
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities