Page 38 - Bullion World Issue 3 July 2021

Bullion World | Issue 03 | July 2021

India & Thailand and

the door to

China – The

importance of being

Free Trade partners

Mr Ross Andrew Friedman
EMBA

In November 2020 the largest regional that was originally signed with India
Free Trade Agreement, known as the in 2004, and is an all-encompassing,
Regional Comprehensive Economic inclusive of all goods and services with
Partnership (RCEP), was agreed to the exception of a limited number of
and signed into effect between fifteen products. The trading history between
countries throughout Asia. Regionally, Thailand and India is long and rich
this has a great significance as it with abundantly strong Indian cultural
removes many of the barriers to trade, influence. From the culinary influence,
mainly the non-tariff barriers. Additionally, to the language origins, such as the
trade agreements with Asia-Pacific creation of the Thai alphabet through
Economic Cooperation (APEC) and Indian Sanskrit, Thailand looks to India
other individual countries enable more for some of its major cultural roots. It is
opportunities and incentives for goods, no wonder that Thailand shares strong
services and investments to flow. For ties with India and shares their own
undisclosed reasons, India was not individual trade agreement
party to either APEC or the RCEP trade
agreement., as a result India been left In Thailand, the precious metals market
out from trading throughout one of is mainly a secondary market (also
the worlds largest trading blocks. It is known as the Recycled Market) obtaining
well known that there are specialized it is metals from other sources than
trading relationships between India and mining. In Secondary Markets, most
Association of Southeast Asian Nations of the precious metal sources come
(ASEAN), wherein many of the goods from jewelry, electronics, industrial and
and services are traded throughout the recycling industries. Those products
region, however are heavily restricted as that correspond with certain HS codes
compared to trade agreements with rival (and filed under Form “E” of the Customs
countries like China. restrictions), can flow easily in and out of
India, enjoying trade without extra tariff
Thailand, unlike other countries in the barriers with Thailand.
ASEAN bloc, has a free-trade agreement

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