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TGJTA declines suspension of FTA is due to misuse of scheme from Thailand
Says the figures are exaggerated and are hampering Thailand's image
By: Diamond World News Service
Mar 3 2013 9:40PM
Reference: 7645  


Atul Jogani, VC, TGJTA stated that “Suspension of Free Trade Agreement(FTA) between India and Thailand on jewellery is not because of any wrong doings or misuse of the scheme from Thailand’. He further mentioned that “total export of gems and jewellery to India from Thailand is Approx USD 330 Million, out of which only USD 117 constitutes jewellery. So its very small figure in comparision to total jewellery import in India. Local press in India has exacerbated on figures and has put Thailand's name in bad way. He also agrees that there might be ‘few black sheep who might have tried to misuse these schemes but the figure is too tiny to suspend it forever’.

Taking up the matter, Thailand plans to come to India in next two weeks to talk to India Authorities and ‘explain everything in detail’.

Currently, Thailand enjoys one percent to two percent duty on jewellery import in India in compare to 11percent to13 percent from countries like China, Hong Kong or Malaysia. India also now has 6 percent import duty on gold. The difference is no more marginal, it can be further exploited if proper norms are not placed if suspension is removed.

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