The long-awaited Free Trade Agreement (FTA) between India and the Association of Southeast Asian Nations (ASEAN) will be formally signed in August of this year, the Minister of Industry of Thailand has announced
Making the announcement on June 5, Chanchai Chairungruang explained that the two regions are aiming to conclude the outstanding FTA during the Asean Economic Ministers Meeting, which is scheduled to be held in Bangkok in August 2009.
The trade agreement would officially come into effect in January, 2010 - lowering tariffs on 80% of traded goods.
Initially, arrangements had been made for the finalization of the FTA to take place in December of last year, but "political instability" in Thailand scuppered the plan.
Speaking of this latest development, one of Thailand's senior commerce ministry officials remarked:
“All the differences have been resolved and the FTA would be signed either on the sidelines of ASEAN trade ministers meet in August or at the ASEAN Summit in October.”
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