Thailand-Telangana to sign “mini FTA” trade MOU

[rooster59]

Thailand-Telangana to sign “mini FTA” trade MOU

Tanakorn Sangiam

 

 

BANGKOK (NNT) - With the uphill battle faced by the export sector due to COVID-19 this year, the Ministry of Commerce has been trying to penetrate newer markets for Thailand’s export products. After this effort, the Ministry of Commerce will be signing an MOU to enact a small scale Free Trade Area between Thailand and Telangana state in India next month.

 

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit has attended a meeting on the establishment of a Memorandum of Understanding (MOU) between Thailand’s Ministry of Commerce and Telangana’s Department of Industries and Commerce.

 

According to the Ministry of Commerce, the MOU will be comparable to the establishment of a mini Free Trade Agreement (FTA), which will further complement the Thailand-India and ASEAN-India agreements which already exist.

 

The MOU with Telangana will facilitate a deeper level of market penetration and investment, particularly for construction equipment, rubber tree wood, Thai fruit, Thai food, children toys, and pet food.

 

The preparatory meeting was held between the Ministry of Commerce, the Thai-India Business Council, and the India-Thai Chamber of Commerce. The Ministry of Commerce is preparing to propose this matter for Cabinet’s approval in late January, before establishing similar agreements with other states of India such as Gujarat.

 

The Ministry of Commerce anticipates these new agreements will give the Thai export sector a boost, because of India’s population, its economic scale as the world’s 5th largest GDP, and India’s status as Thailand’s number one trading partner in South Asia.

 

-- © Copyright NNT 2020-12-20

 

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[onebir]

9 minutes ago, rooster59 said:

According to the Ministry of Commerce, the MOU will be comparable to the establishment of a mini Free Trade Agreement (FTA), which will further complement the Thailand-India and ASEAN-India agreements which already exist.

 

The MOU with Telangana will facilitate a deeper level of market penetration and investment, particularly for construction equipment, rubber tree wood, Thai fruit, Thai food, children toys, and pet food.

Mini indeed. Next up,  a Durian-only free trade with Delhi.

Baby steps...