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BANGKOK, Aug 2 Asia Pulse - In a major leap in bilateral economic relations, India and Thailand Friday finalised modalities for implementing the first phase of the Free Trade Agreement (FTA) between the two countries from September this year under which they will start tariff reduction on 82 agreed items in three years.
Prime Minister Manmohan Singh, here for the BIMSTEC Summit, met his counterpart Thaksin Shinawatra to sort out the thorny issues and finalised an agreement on Rules of Origin, paving the way for FTA implementation.
Under the first phase of the FTA agreement called the "Early Harvest Scheme", in the first year, tariffs would be reduced by 50 per cent of the existing rates on the 82 items, second year by 75 per cent.
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Source: HighBeam Research, INDIA, THAILAND TO IMPLEMENT 1ST PHASE OF FTA FROM SEPT.