BANGKOK — Thailand and the UK have officially signed an Enhanced Trade Partnership to strengthen trade and investment ties. Both sides discussed the possibility of FTA negotiations, which has been continuously supported by the business sectors of both countries.
Thai Commerce Minister Pichai Naripthaphan and British Trade Minister Douglas Alexander signed the Memorandum of Understanding (MOU) on the Enhanced Trade Partnership at the Courtyard by Marriott Bangkok on September 18, 2024. This marks Alexander’s first visit to Asia since his appointment in July.
“Minister Douglas and I have signed the MOU on the Enhanced Trade Partnership (ETP) and approved an action plan outlining collaborative activities that both parties will undertake in 20 key sectors, such as agriculture, food, digital, education, and tourism,” said Pichai.
He added that today’s signing demonstrates the political commitment of both sides to expand comprehensive cooperation in trade and investment, both bilaterally and in international forums. It will also facilitate trade and investment for the business sector and serve as an important foundation for future FTA negotiations between our countries.
The United Kingdom is Thailand’s 22nd largest trading partner globally and 4th largest in Europe (after Germany, Switzerland, and the Netherlands). In 2023, the total trade value between the two countries was 6,740.61 million US dollars, with Thailand having a trade surplus of 1,405.68 million US dollars.
Thailand’s exports totaled 4,073.15 million US dollars, with key export products including processed chicken, automobiles and parts, gems and jewelry, motorcycles and parts, and aircraft, spacecraft, and components.
Meanwhile, according to the British Embassy in Bangkok, Thailand, with its population of 70 million and an estimated 45 million middle-class consumers, represents the second-largest economy in Southeast Asia.
Current bilateral trade between the UK and Thailand is valued at £6 billion annually. As an ASEAN market with an economy exceeding $500 billion, Thailand offers significant opportunities for UK businesses.
Minister of State for Trade Policy Douglas Alexander stated that Thailand’s economic growth presents opportunities that the UK should capitalize on. This Partnership will strengthen ties between our countries and help British businesses expand into Thailand, supporting jobs and growth across the UK.
Mark Gooding, British Ambassador to Thailand added that UK-Thailand relations are rapidly developing in many areas, following the signing of the UK-Thailand Strategic Partnership Roadmap earlier this year. The Enhanced Trade Partnership launched today is a crucial component of this broader relationship, which will further boost trade and investment, fostering growth and prosperity in both nations.
Minister Alexander will also travel to Laos to attend the 56th ASEAN Economic Ministers Meeting. He plans to discuss the new government’s trade strategies with partners from across the region, emphasizing how these plans will support the government’s mission to drive economic growth.
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