The Hindu Business Line : FICCI, Thai body sign action plan to cash in on FTA opportunities

THE Federation of Indian Chambers of Commerce & Industry (FICCI) and the Federation of Thai Industries (FTI) signed an action plan today, which is expected to give a fillip to the trade, investment and business cooperation between the two countries.

The FICCI President, Mr Y.K. Modi, and FTI, Vice-Chairman, Mr Plengsakdi Prakaspesat, inked the action plan. It seeks to deepen cooperation through the Thai-South Asia Business Forum and cash in on opportunities arising out of the Indo-Thai Free Trade Agreement (FTA).

Both FICCI and FTI have resolved to overcome and, if possible, eliminate the barriers in the way of development of economic cooperation under the FTA and exchange information on FTA, foreign legislation, external trade, trade policy, custom tariff and banking.

The two organisations have also decided to cooperate closely in the promotion of the professional training and education relating to international trade for the benefit of FICCI and FTI member companies, and assist and coordinate participation in the trade fairs, and goodwill, purchasing and selling missions to Thailand and India, organised by them.

Earlier, the Thai Vice Minister of Commerce, Dr Parnpree Bahiddha Nukara, told captains of the industry from the two countries that the completion of the Indo-Thai free trade area would help facilitate and spur BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka and Thailand - Economic Cooperation) free trade talks.

The FTA, he said, would be much more than a "trade" agreement. Apart from removal of restrictions on imports and trade barriers, the FTA will look to areas such as science & technology, ICT, biotechnology, tourism, construction and HRD.

Responding to the observations by Mr Modi, the Thai Vice Minister said, "we must not allow traditional business interests that fail to adapt to the changing competitive environment be a cause for any unnecessary dilemma in establishing the free trade arrangement".

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