| The volume of trade is expected to register a growth of more than 42 per cent reaching a figure around $2 billion by this year end, said Wanna Perngmark, consul general of Thailand at Kolkata, at the sidelines of the Thai Loy Krathong festival at the Oberoi Grand here. |
| At Loy Krathong, individuals float 'krathongs' on water bodies with a flower, a candle and three incense sticks, to pray for good luck. |
| "As of now the trade figure is around $1.4billion and trade is expected to reach some where around $2billion by the year end", said Perngmark exclusively to Business Standard. |
| According to the signed protocol, 82 items that were included in the list will enjoy 50 per cent duty relief for the first year beginning September 2004. |
| This will further be extended to 75 per cent of the existing duty by September 2004 and finally become duty free by 2006. |
| According to Perngmark, the list of items traded between the two countries should increase significantly in the years to come. |
| "Representatives from both the government are working on adding more items to the list. A revised list of items is likely to announced in the next one year or so," he added. |
| "There is a huge scope of importing basic necessary commodities like raw materials of various types, soft wares, medicines, more food items where Thailand can export hardware, aluminium for India market," he added. |
| There is a huge opportunity for collaborative projects between the two countries. |
| "An interactive seminar may be held shortly where government official and eminent personnel from both the countries shall interact to explore the scope of trade and commerce. It is expected that this type of interaction will pave the way for some concrete joint venture to take shape in very near future", he added. |
| Till now the balance of trade is in favour of India, he said. |
| For the last financial year 2003-04 , the trade balance was in favour of India in the tune of $ 222.63 million. |
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