Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Industry & Economy
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Automobile Components ACMA opposes duty-free import of Thai auto parts M. Ramesh
Chennai , Aug. 13 THE Automotive Component Manufacturers' Association (ACMA) has requested the Government not to include auto components in the list of items that can be imported duty-free from Thailand under the proposed Free Trade Agreement (FTA) with the country. The FTA is expected to be signed on October 9, when the Prime Minister, Mr Atal Bihari Vajpayee, visits Bangkok. ACMA, a body of 430 companies who collectively represent 95 per cent of the organised auto components industry, is against the inclusion of auto components in the FTA list because Thailand has large surplus capacities and can dump on India. Major Japanese automotive companies have set up shop in Thailand. The country already exports about $1.5 billion worth of auto components annually. The industry there has with 1,700 manufacturers, 700 of whom are OE suppliers. About 95 per cent of these suppliers have overseas collaborations. The list of items likely to be taken up under the FTA is yet to be drawn up, but it is understood that Thailand is keen on auto components. Mr K.V. Shetty, Vice-President, ACMA, told Business Line that auto components should not figure in any FTA list until the domestic OE market grows big enough. Thailand, with a population of 62 million, has 15 car manufacturers with a total capacity of over a million cars.
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