Thailand and UK discuss trade, explore FTA possibilities
Commerce Minister Pichai Naripthaphan met with British Ambassador Mark Gooding last week at the ambassador’s official residence in Bangkok to discuss strengthening economic ties between Thailand and the United Kingdom.
Central to their discussions was the feasibility of a Thailand-UK Free Trade Agreement (FTA) aimed at boosting bilateral trade and investment.
Both parties reaffirmed their commitment to expanding trade and investment under the framework of the Joint Economic and Trade Committee (JETCO) at the ministerial level. Discussions highlighted the Enhanced Trade Partnership (ETP), which aims to create a favourable business environment and foster collaboration in key sectors such as agriculture, food and beverages, tourism, investment, and health care.
The cooperation focuses on leveraging complementary strengths to deepen economic engagement, facilitating trade and investment opportunities between the two nations.
Pichai noted the significance of earlier developments, including the memorandum of understanding (MoU) signed with UK Trade Minister Douglas Alexander in Bangkok on September 18.
The agreement set the stage for a second JETCO meeting planned for 2025, which will coincide with the 170th anniversary of diplomatic relations between Thailand and the UK.
Pichai emphasised that a robust trade partnership is essential for laying the groundwork for FTA negotiations. He expressed confidence that an FTA would substantially enhance bilateral trade and investment, driving sustainable economic growth.
The initiative has also received strong support from businesses in both countries eager to explore expanded trade opportunities.
The minister extended gratitude to the UK for backing Thailand’s bid to join the Organisation for Economic Co-operation and Development (OECD). He reiterated Thailand’s commitment to facilitating foreign trade and investment, particularly in target industries such as electronic data processing equipment, data centres, pharmaceuticals, and medical devices.
From January to October 2024, the UK ranked as Thailand’s 22nd-largest trading partner globally and fourth in Europe, following Switzerland, Germany, and the Netherlands. Total trade between the two nations amounted to US$5.54 billion, with Thailand recording a trade surplus of US$1.37 billion.
The ongoing discussions and cooperative initiatives signal a shared vision to strengthen economic ties and pave the way for a deeper and more productive trade partnership, reported The Nation.
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