India and Thailand hope to conclude their proposed free trade area (FTA) by this July with trade negotiators of the two countries hoping to smooth out contentious issues before then.
The free trade agreement between India and Thailand is likely to be signed by June-end. Both the countries had signed a framework agreement for establishing a free trade area in 2003 as a consequence of which tariffs were brought down in 82 items of common export interest from September 2004.
India and South Korea have concluded the sixth round of negotiations on their proposed free trade agreement. Meanwhile, the second round of talks between India and Japan on their proposed comprehensive economic partnership agreement started in Tokyo today.
Developments over the past few days have re-confirmed that the developing countries are more eager than developed countries to break the deadlock in multilateral trade. The developing countries have shown ample flexibility, without waiting for a response from the developed world.
The Safta on Wednesday received a big boost with Pakistan agreeing to the views of Saarc leaders that the pact liberalising regional trade be implemented in “letter and spirit”.
South Korea and India agreed to work towards sealing a comprehensive economic partnership agreement by the end of this year, the Seoul Foreign Ministry said Wednesday.