India and Thailand have been negotiating a Free Trade Agreement (FTA) for several years now. The agreement is expected to boost trade between the two countries and enhance economic cooperation. Recently, the notification number for the India Thailand Free Trade Agreement has been released, signaling progress in the negotiations.
The notification number for the India Thailand FTA is 25/2021-Customs (NT). This notification has been issued by the Central Board of Indirect Taxes and Customs (CBIC) in India, and it is related to the amendment of the notification issued on August 6, 2020. The new notification includes amendments to the tariff rates for certain goods imported from Thailand.
The India Thailand FTA is expected to have a significant impact on bilateral trade between the two countries. India and Thailand have a strong economic relationship, with bilateral trade reaching $12.76 billion in 2020. The FTA is expected to increase trade between the two countries by reducing trade barriers and creating a more favorable business environment.
Under the FTA, India and Thailand have agreed to eliminate tariffs on a wide range of products, including agricultural and industrial goods. The FTA also includes provisions for the protection of intellectual property rights, the promotion of investment, and the facilitation of trade.
The release of the notification number for the India Thailand FTA is a positive development for both countries. The FTA is a crucial step towards strengthening economic ties between India and Thailand and creating a more favorable environment for businesses to operate. The FTA is expected to provide a major boost to bilateral trade and help promote economic growth in both countries.
In conclusion, the release of the notification number for the India Thailand Free Trade Agreement is an important development for both India and Thailand. The FTA is expected to boost bilateral trade, reduce trade barriers, and create a more favorable business environment. As the negotiations progress and the FTA comes into force, it is likely to have a positive impact on the economies of both countries.