India and Thailand have recently signed a Free Trade Agreement (FTA) on goods to promote bilateral trade and economic cooperation. The FTA will provide a boost to both countries` economies, as it opens up new opportunities for trade and investment.
As part of this FTA, India has issued a customs notification providing for duty-free import of products from Thailand. The notification is aimed at facilitating trade between the two nations and boosting economic growth.
India`s customs notification covers a wide range of products, including agricultural produce, electronics, chemicals, and textiles. This effectively means that Thai products of these categories can now be imported duty-free into India.
The move is expected to benefit both India and Thailand, as it will enable Indian businesses to import high-quality Thai goods at lower prices, while Thai businesses can access the vast Indian market without the burden of high duties.
The customs notification has been welcomed by businesses in both countries, and is expected to give a boost to the already strong economic ties between India and Thailand.
This FTA is also expected to increase trade volume between the two countries, which reached $12.4 billion in 2019-2020, with the aim of reaching $15 billion by 2025. The FTA is also expected to increase investment flows between the two countries, which will help to create jobs and boost economic growth.
It`s worth mentioning that the India-Thailand FTA is part of a larger effort by India to expand its trade relations with other countries. India has already signed FTAs with several other countries, including Japan, South Korea, and the Association of Southeast Asian Nations (ASEAN), among others.
In conclusion, the India-Thailand Free Trade Agreement and the customs notification issued as part of it are significant steps towards bolstering economic cooperation between the two countries. The move will benefit businesses in both countries and contribute to economic growth and job creation. This FTA is yet another milestone in India`s strategy to strengthen its economic ties with other nations and tap into the vast potential of international trade.