BANGKOK, 21st May 2019 (NNT) – The Ministry of Commerce has led a delegation to penetrate the export markets for lowered-priced rubber and palm oil to India which has over a billion population and all levels of consumers.
A major Indian tire manufacturers has assured to buy Thai rubber products within this year.
Acting Commerce Minister Chutima Boonyapraphat and executive officials of the Department of International Trade Promotion have visited India to expand the export markets for Thai farm goods while the major tire manufacturer in Chennai assured to buy Thai rubber products as raw materials for tire industry and suggested that the Thai authorities recommend reliable rubber suppliers for them.
V. Krisanaram, the chief executive officer of Emerald Resilient Tire Co., confirmed that his firm will import Thai rubber products this year due to the confidence of their qualities and competitiveness against other countries’ rubber products.
India is the world’s largest consumer of vegetable oil
His firm has earlier imported rubber products from Malaysia, Vietnam and Indonesia and never from Thailand as yet. Thus, the Thai rubber products will become new raw materials suppliers for India.
Besides, Thailand has called on India to buy more palm oil from Thailand in place of those from Indonesia and Malaysia. India is the world’s largest consumer of vegetable oil, consuming some 12 million tons of vegetable oil, 70% of which is made of palm oil, yearly and importing some 10 million tons of palm oil yearly.
However, the Thai palm oil export to India is still being faced with a 50% import tariff, compared to 45% for the Indonesian and Malaysian palm oil under CECA agreements. An ASEAN-India FTA agreement might be reached to reduce the Indian import tariff for the Thai palm oil.
Opportunities for Indian Manufacturers in ASEAN
Indian exports largely mirror those of ASEAN states, such as rice, electrical equipment, and clothing and accessories. However, there are still sectors where Indian exporters can potentially exploit market needs – wheat exports, the digital economy, and healthcare.
The economic partnership between India and the Association of Southeast Asian Nations (ASEAN) has continued to strengthen since the economic relationship began in 1992 and with the ASEAN-India Free Trade Agreement (AIFTA) coming into effect in 2009.(more…)
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