สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 14 มีนาคม 2555
'FTA will double India-Thai bilateral trade to USD 14 bn'
Implementation of the free-trade agreement between India and Thailand would double the bilateral trade to USD 14 billion, a Thailand envoy said here today.
"Trade between India and Thailand grew from USD 4.7 bn in 2007 to USD 8.2 billion in 2011, almost double. I do believe, that the implementation of ASEAN-India Free Trade Agreement and India-Thai Free Trade Agreement will result in greater trade expansion," Royal Thai Consulate Consul General Chanchai Charanvatnakit said.
Participating in a seminar here, he said, "The goal for our bilateral trade volume of USD 14 bn in three years could be easily achieved".
India exports various products in gem and jewellery, metal ores, chemicals, machinery, vegetables, electrical household appliances and pharmaceutical products. It imports chemicals, polymers of ethylene, auto components, rubber, iron and steel, he said.
On the tourism front, he said due to recent heavy floods that caused loss of several lives and huge damage to public properties, arrival of Indian tourists was below the target of 10 lakh with only 9.2 lakh people visiting the country. "We will reach that dream (of crossing 10 lakh Indian tourists) this year," he said.
Thailand Prime Minister Yingluck Shinawatra early this year, visited India during the Republic Day celebrations and proposed Chennai as the gateway for maritime connectivity between India and ASEAN which would further connect Thailand.
"This connectivity can save time for your product shipment to ASEAN and China about one or two weeks. Of course, it can save your money too," he said.
(Source: Economic Times, Times of India, ZeeNews, IBNLive)
US, EU & Japan go to WTO against China exports cap
The European Union (EU), United States (US) and Japan formally asked the World Trade Organisation (WTO) on Tuesday to settle a dispute with China over Beijing’s restriction on exports of raw material, including rare earth elements critical to major industries.
China accounts for about 97 % of the world’s output of the 17 rare earth metals, which are crucial for global electronics production and the defence and renewable-energy industries. They are also used in a wide range of consumer products, from mobile phones to electric cars.
The dispute is one of several between Beijing and the world’s other three largest economic powers, as China’s rise changes the world economic order. It is the first case to be jointly filed by the EU, United States and Japan with the WTO, an EU official said.
Trade between the EU and China has boomed in recent years, reaching almost euro 400 billion in 2010, but EU complaints against Chinese dumping range from the shoe industry to steel fasteners.
Japan has been worried about supply of rare earths, especially after fears that China held back shipments of rare earths as punishment after the territorial dispute last year.
(Source: BusinessWeek, Times of India, NASDAQ, Business Standard)
Kingfisher Air to curtail overseas operations
Kingfisher Airlines will curtail its overseas operations as the debt-crippled carrier looks to slash costs as its funding dries up and losses mount.
Kingfisher, which has cut its operations as pilots walk out and authorities freeze its bank accounts, said in a statement it is searching for urgent working capital. Foreign investors have shown an interest in the carrier, it said.
Government is expected to soon allow foreign carriers to buy a stake in Indian airlines to help the industry mired in around $20 billion worth of debt.
Kingfisher, controlled by flamboyant liquor baron Vijay Mallya, was suspended from the International Air Transport Association's account settlement system last week due to non-payment of fees.
The airline said on Wednesday that the suspension was due to tax authorities' freeze on its bank accounts.
(Source: Livemint, Times of India, Hindu Business Line, Economic Times)
Economic Section
Royal Thai Embassy
