INDO-THAI TRADE SET TO ACHIEVE NEW HEIGHTS: KAMAL NATH
Date : 31 Aug 2007
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has expressed hope that the bilateral trade between India and Thailand would take a growth trajectory that would take trade relations between the two countries to a new height. He hoped that the FTA negotiations that are underway covering trade in goods, services and investments, including issues such as Rules of Origin, trade facilitation, Anti-dumping and safeguard measures, Dispute Settlement Mechanism would benefit the two countries. He stated this while welcoming Mr Kosit Panpiemras, Deputy Prime Minister and Minister of Industry of Thailand during the Indo-Thailand bilateral talks here today. Senior Officials from both the countries were also present during the talks.
The Trade between India and Thailand has grown significantly during 1992 to 1997 from a level of US$ 399.8 million in 1992 to US$ 896.4 million in 1997. Bilateral trade crossed the US$ 1 billion mark during the year 2000 (US$ 1,122.6 million), a significant increase of 40.2% compared to 1999 (US$ 800.2). The Bilateral trade has shown an impressive growth rate in the last few years. Bilateral trade volume increased by 29% over previous year, to touch US$ 2,286 million in 2005-06 (exports US$ 1,075 million; imports US$ 1,211 million) and had touched US$ 1,509 million by September 2006. India’s exports to Thailand were US$ 1075 million in 2005-06, an increase of 19% over the previous year. In 2006-07 (April-Sept), India’s exports to Thailand were US$ 697 million. India’s imports from Thailand were US$ 1,211 million in 2005-06, a growth of about 40% over the previous year. The figure for 2006-07 (April-Sept) was US$ 812 million.
India’s major exports to Thailand are Gemstones, mainly diamonds and emeralds; other metal ores, metal waste scrap and products; chemicals; iron, steel and products; vegetables and vegetable products; machinery and parts; medicinal and pharmaceutical products; yarn and fibres; vehicle parts and accessories; fresh aquatic animals, chilled, frozen and instant; fertilizer and pesticides; animal and animal products; plastic products; metal manufacturers. The Major imports of India from Thailand are Polymers of ethylene, propylene etc. in primary forms; radiobroadcast receivers, television receiver and parts thereof; iron and steel and their products; motor cars, parts and accessories; machinery and parts thereof; automatic data processing machines and parts thereof; chemical products; air-conditioning machine and parts thereof; aluminium products; plastic products.