India and Thailand are set to extend their free trade pact beyond goods to services and investments to strengthen their economic ties.
"At present, both the countries are engaged in lifting the free trade agreement into a comprehensive pact to include services and investments," Deputy Prime Minister of Thailand Korbsak Sabhavafu said at a Ficci function here.
He said negotiations for opening the trade in services and giving a boost to mutual investments are in progress.
"...We can get it done very quickly," he said.
Sabhavafu said expanding commercial ties will help the two Asian economies to take their bilateral trade to $10 billion in 2011 from $6 billion at present.
The bilateral FTA, which became operational in 2006 allows free trade in 82 items, including plastics, auto components, refrigerators and air conditioners.
However, the FTA has been implemented in a limited way through what is known in the trade parlance as 'the early harvest scheme' or trading in only a few of the goods included in the pact.
Besides, bilateral trade pact, the two countries would also expand their commerce through the recently signed FTA between India and the 10 nation Association of Southeast Asian Nations (ASEAN).
