Indo-Thai economic partnership to continue growing, bilateral trade to double by 2014

NEW DELHI: Since the beginning of the India-Thailand free trade agreement negotiation, the trade between the two countries has been increasing tremendously, said the visiting Thai Prime Minister Ms. Yingluck Shinawatra, in New Delhi, while addressing the joint business meeting organized by leading industry chambers CII, FICCI and ASSOCHAM.

She said that she and the Indian Prime Minister would work towards finalizing the Comprehensive Economic Cooperation Agreement (CECA) within this year.

“I am confident that the India-Thai economic partnership will continue to grow and I look forward to having you as a long term partner of Thailand” said Ms. Shinawatra. She said that the private sector plays an important role in enhancing the friendship and cooperation between the two countries. Ms. Shinawatra stressed that the ASEAN is a strong market with 600 million population and Thailand could be a gateway for the Indian businessmen into the ASEAN market.

Minister of Commerce and Industry Mr. Anand Sharma addressing the business meeting said that the time has come for both the countries to look into other areas like investment and a global partnership, apart from just the trade. According to Mr. Sharma, India is aiming to increase the share of manufacturing goods from 16% to over 25% within a decade. Mr. Sharma stressed that the Delhi Mumbai Industrial Corridor, a landmark project of India, offers excellent opportunities for Thai companies to set up manufacturing facilities.

Minister of State for External Affairs and Human Resource Development Mr. E Ahamedhighlighting the historical relationship between India and Thailand said that trade and economic cooperation is central to India-Thai friendship.

Mr. Sanjay Kirloskar, Chairman, CII ASEAN/ANZ Regional Committee and Chairman & Managing Director of Kirloskar Brothers Ltd, said that the leadership of the two countries has been making consistent efforts over the years to build a strong strategic partnership. He requested the two governments for an early conclusion of the India-Thailand CECA in order to accelerate the trade in goods, services and investment. He also requested to build trilateral India-Myanmar-Thailand highway and sea link between the two countries.

Mr. R.V. Kanoria, President, FICCI and Chairman & Managing Director of Kanoria Chemicals & Industries Limited welcoming the Thai Prime Minister said that India and Thailand can enhance their engagements with each other. He said that the bilateral trade has multiplied six times since 2000, touching US$ 7.46 billion in November 2011 and the target set for 2012 of US$ 10 billion can be easily surpassed.

Mr. Dilip Modi, President, ASSOCHAM and Managing Director of Spice Mobility Limited, said that India’s “look east” policy and Thailand’s “look west” policy converge and will certainly complement each others’ growth.