Thai India trade, touted, to accelerate beyond current 15% growth a year

A young Kayan girl from Myanmar in northern Th...

A young Kayan girl from Myanmar in northern Thailand refugee camp. (Photo credit: Wikipedia)

India‘s Decan herald reports Thai India trade, growing at about 15% a year, is expected to accelerate in growth speed. The press reports, “The trade target between India and Thailand has been set to reach $14 billion around 2015,” said Executive Director and Consul (Commercial), Thai Trade Centre, Mumbai, Adul Chotinisakorn on Tuesday. By 2015, it is expected that the 10-member countries of ASEAN (Association of South East Asian Nations) will enjoy free flow of goods. Chotinisakorn said a variety of articles and goods are currently traded between the two countries including jewellery, vegetables, medicinal and herbal products, car parts, plastic products and chemicals. Thailand and India have been carrying out favourable diplomatic relations for over 65 years, and bilateral trade has been an important component of their relationship. In the past five years, trade volumes between the two countries have increased at an average of 15 per cent annually; in 2012, it was more than $8.6 billion. “It is expected that trade will continue to grow as the free trade agreements (FTA) between India and Thailand, and India and ASEAN, lowering tariffs and trade barriers, are fully utilised by Thailand and India’s private sectors, which will positively encourage more trade,” Chotinisakorn said. In a bid to improve trade relations between Thailand and many other countries to its west, including India, Chotinisakorn on Tuesday said that his country is looking at finding a faster trade route towards India, and beyond. Thailand and Myanmar are currently cooperating with each other to establish an economic zone near the coast of the latter, enabling Thailand to despatch goods west sooner. The Dawei Special Economic Zone, once completed, will cut down a lot of time taken in transporting goods from Thailand through its southern region, close to the Strait of Malacca, and then onward through the Bay of Bengal. “The idea is to reach the coast, faster through a specially-constructed road in Myanmar, which is only 60 km from the Thai border at the nearest point. From here, goods can be loaded onto ships that will set sail through the Andaman Sea,” Chotinisakorn said, adding that the area around the city of Dawei in Myanmar provides a lot of scope for industrial development. The economic zone, involving an industrial estate, is being developed by Italian-Thai Development (ITD), and might take some years to become reality, he said. (Source)

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