India, Thailand to Increase Trade through Trade Agreement

17 June 2016

India and Thailand have agreed to speed up talks on the India-Thailand Free Trade Agreement and bilateral investment treaty. The two countries also agreed to fast-track infrastructure projects linking each other, such as the Asian Trilateral Highway connecting India and Thailand through Myanmar.

India Prime Minister Narendra Modi and Thailand Prime Minister Prayut Chan-o-cha met on 17 June in New Delhi, India, to forge closer partnership to push for bilateral interests and shared regional goals.

India and Thailand agreed to further business investments in the other country. Prime Minister Modi identified manufacturing, investments, and tourism infrastructure as areas with ample avenues for greater linkages.

India is looking to add content to its Look East policy, outlined in 1990s to increase economic cooperation with Association of Southeast Asian Nations or ASEAN. The policy has since been renamed Act East under the term of Prime Minister Modi.

The Asian Development Bank, through the SASEC Program, is helping coordinate the India-Myanmar-Thailand (IMT) Motor Vehicle Agreement, a landmark agreement that will allow passenger, personal and cargo vehicles to cross international borders and travel along designated key trade routes in the IMT region. This will make cross-border trade more efficient by reducing costly and time-consuming transshipment of people, vehicles and goods at border crossings. It will be the first-ever cross-border transport facilitation agreement between the countries of South Asia and Southeast Asia.

 

Related Links:

India and Myanmar can expand trade relations to include areas such as pharmacy, healthcare, transport, food processing, steel,...

Read More


An analysis posted on the Hindustan Times makes a case for building resilient supply chains...

Read More


Bilateral trade resumed through the Petrapole Integrated Check Post at the India-Bangladesh border in West Bengal on 7...

Read More


The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) marked its 23rd anniversary on 1...

Read More


This commentary emphasizes the importance of connectivity in enabling trade. Amidst the coronavirus disease (COVID-19) pandemic, railways and...

Read More


Vessels carrying goods by waterway between Tripura (India) and Daudkandi (Bangladesh) may soon be possible along the 93...

Read More


Bangladesh and India resumed trade of essential commodities through existing rail links. The first freight train was loaded with...

Read More