Thai Deputy PM and Minister of Commerce, Jurin Laksanawisit, met UK Minister of State for Trade Policy, Penny Mordaunt, in London yesterday to discover methods of increasing bilateral trade and committing to an ambitious trading relationship.
The 2 politicians concluded business on the UK-Thailand Joint Economic and Trade Committee by signing a programme of work, including Government-to-Government and Government-to-Business exercise, to advance alternatives to increase commerce over the next 12-18 months.
The ministers additionally agreed to develop an Enhanced Trade Partnership sooner or later. This will launch a more bold programme of labor to extend trade in multiple sectors by undertaking trade coverage cooperation, tackling trade limitations, and selling enterprise and trade exercise.
The ministers established a trade cooperation working group, to construct on the work of the recently accomplished Joint Trade Review, by figuring out and resolving limitations to commerce and promoting coverage and trade cooperation initiatives.
Jurin and Minister Mordaunt welcomed the partnership between the Thai-UK Business Leadership Council and the newly established Thai-UK Business Council as well as the business roundtable organised by the UK-ASEAN Business Council.
Both nations are committed to developing business within the digital sector and a Letter of Intent on Digital Cooperation was signed between the UK Department for Digital, Culture, Media and Sport, and the Thai Ministry of Digital Economy and Society.
To advance agricultural trade relations, the ministers agreed to signal a Memorandum of Understanding, and highlighted the robust potential of the foods and drinks sector to contribute to bilateral trade between the 2 countries
Both ministers agreed to achieve a greater understanding of the foundations and rules of healthcare and expressed robust support for conducting Government-to-Business engagement to assist trade in financial companies.
The ministers welcomed the depth and breadth of the UK and Thailand’s trade relationship and dedicated to persevering with trade and investment promotion activity in varied sectors together with Education, Infrastructure, and Energy.
In Before , the worth of commerce between Thailand and the UK was £4.eight billion for goods and providers. Thailand was the UK’s fortieth largest trading partner in 2021 accounting for 0.4% of whole UK trade. Thailand was additionally the thirty eighth largest importer to the UK accounting for zero.4% of complete UK imports and the forty sixth largest export market, accounting for 0.3% of UK exports.
The UK was Thailand’s twenty second largest buying and selling associate in 2021 accounting for 1.0% of whole Thai commerce. The UK was the twenty fifth largest importer to Thailand accounting for 0.8% of Thai imports and the nineteenth largest export market, accounting for 1.3% of Thai exports.
The new UK-Thailand Joint Economic and Trade Committee will be adopted by the fourth UK-Thailand Strategic Dialogue on June 30.
SOURCE: GOV.UK