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.
India, ASEAN Agree to Review FTA Scope, Address Uneven Market Access
Chief among India’s concerns is that Indian exporters have been denied a level playing field in the Southeast Asian market. Moreover, New Delhi believes that China has taken undue advantage of the ASEAN-India FTA (AIFTA) due to weak rules of origin.
RCEP trade deal hits snag over India’s demand
The 16 Asian and Oceanian countries involved in the regionwide RCEP trade deal have decided to delay the conclusion of that deal until next year.
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