Thailand and UK discuss prospects for free trade agreement
ASEAN Now - 09 December 2024
Thailand and UK discuss prospects for free trade agreement
Thailand’s Commerce Minister, Phichai Naripatapan, recently held discussions with British Ambassador Mark Gooding to explore economic cooperation between Thailand and the United Kingdom. Central to their talks was the potential development of a Free Trade Agreement (FTA) aimed at boosting trade and investment ties between the two countries.
Meeting earlier this month, Phichai and Gooding reaffirmed both nations’ commitment to enhancing trade relationships through mechanisms such as the Joint Economic and Trade Committee (JETCO). These discussions aim to foster an improved business climate and facilitate trade and investment under the Enhanced Trade Partnership umbrella, covering key sectors like agriculture, tourism, and healthcare.
Phichai also mentioned a memorandum of understanding signed in September with Douglas Alexander, the UK’s Trade Minister, which supports hosting the second JETCO meeting in 2025. This meeting will coincide with celebrations of 170 years of diplomatic relations between Thailand and the UK.
Furthermore, Thailand emphasised that strengthening their trade partnership could lay the groundwork for future FTA negotiations. An agreement could significantly enhance trade value and investment, a sentiment echoed by business communities in both countries.
Lastly, Thailand expressed gratitude to the UK for supporting its potential membership in the OECD and committed to facilitating smoother foreign trade and investment processes within the country, particularly in targeted industries like electronics, data centres, and pharmaceuticals.
Throughout the first ten months of 2023, the UK was Thailand’s 22nd largest global trading partner and fourth within Europe, with a bilateral trade value of $5.54 billion. Thailand enjoyed a trade surplus, exporting significant goods like processed chicken and automotive parts to the UK, reported Thai Rath.
