Free Trade Agreement India Thailand

(b) the quantities and value of accessories, spare parts and/or tools are common business practices for the original product in the exporting party`s domestic market; and «FOB value,» the free price paid to the exporter for the product when it leaves the shipping port. Subsequently, the importer pays for the costs, including the costs required for the shipment. The evaluation is carried out in accordance with the agreement on the implementation of Article VII of the 1994 GATT. Lt. Dr. Thaksin Shinawatra, who visited India from 26 to 29 November 2001, the heads of state and government of both countries agreed to use economic cooperation in trade and investment and established a joint working group to study the feasibility of creating a free trade area between Thailand and India. The joint working group held four meetings between May and December 2002 and concluded that a free trade agreement would create reciprocal benefits for the development of trade, investment and economic cooperation in areas such as tourism, education, finance and banking, health, aviation and international transport. In addition, Thailand would benefit from increased trade and reduced tariffs on exports to India, including clothing, leather goods, chemicals, rubber, plastics, metals, automobiles and electrical parts and goods. Following the study, the two sides established a joint negotiating group to develop the framework agreement to create a free trade area between Thailand and India for trade in goods, services, investment and economic cooperation. The negotiating group convened six meetings between December 2002 and October 2003. On 9 October 2003, the trade ministers of both countries signed the framework agreement.

Comprehensive Economic Cooperation between ASEAN and India The Framework Agreement on Comprehensive Economic Cooperation was signed in October 2003 and opened negotiations on a trade and investment area between ASEAN and India, which includes a free trade area for goods, services and investment, and negotiations on trade cooperation in goods were concluded in August 2008 and the agreement is expected to be signed in December at the ASEAN summit in Bangkok. The goods agreement is quite ambitious: all parties reduced or eliminated tariffs on more than 90% of tariffs, which account for about 96% of total trade (source: www.bilaterals.org/) In 2012, ASEAN and India convened three meetings of the ASEAN-India Negotiating Committee (AITNC), 1) the 30th session of AITNC and related sessions from 22 to 25 May 2012 in Kuala Lumpur, Malaysia 2) the 31st session of AITNC and related meetings from 19 to 21 May 2012. The 32nd TNA meeting and related meetings concluded there in Jakarta, Indonesia, from 12 to 14 December 2012, with the aim of concluding negotiations on services and investments by 2012.

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