Poksak Nilubol (left), adviser to the deputy foreign minister of Thailand, with C.K. Dhanuka, chairman of Ficci (eastern region), in Calcutta on Monday. Picture by Kishor Roy Chowdhury

Calcutta, July 2: Bilateral trade figures between India and Thailand can reach $10 billion in three years if a free trade agreement between the two countries is on track.

The bilateral trade amount was $3.4 billion in the previous year. It is expected to reach $4 billion by the end of the year.

“We feel that the exclusion list is the biggest stumbling block in the agreement,” said Poksak Nilubol, adviser to the deputy foreign minister of Thailand, who headed a 20-member Thai delegation visiting the city.

“While India has 489 items on the list, Thailand has 312. India should hold discussions to minimise this list,” he added.

Since September 2006, 82 items have been freed from tariff.

Nilubol said an Indian delegation is likely to visit Thailand next month. The balance of trade has been in favour of Thailand for the past two years.

Five to 10 per cent of trade items under the sensitive list are being worked upon to bring down input duty by 2018.

Thailand is interested in tourism, food processing and real estate industries of Bengal. Thai airline Nok Airways, which flies from Bangalore to Bangkok, is planning to start operating from the eastern region.

The Thai government has already urged India to increase flights from New Delhi to Bangkok to 14 a week from seven. Nilubol said this would boost tourist traffic between the two countries.

Preuksa Real Estate Public Company Ltd, a Thai construction firm, is going to look around New Town, Rajarhat, tomorrow. The company is interested in doing real estate projects in the city through joint ventures.

Thailand is also willing to collaborate in gems and jewellery. Gold craftsmen from Bengal will collaborate with Thai experts on coloured stones, said Vichai Assarasakorn, chairman, committee on gems and jewellery business.