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Thai-UK pact sets stage for agreement negotiations

Thai-UK pact sets stage for agreement negotiations

THAILAND: The UK and Thailand plan to sign a memorandum of understanding (MoU) to set up a Joint Trade Committee on Commerce and Economic Cooperation, paving the way for a future free trade agreement (FTA) after Brexit.


By Bangkok Post

Monday 22 March 2021, 09:03AM


The MoU is a mechanism for both countries to promote economic cooperation and investment, especially in potential sectors like agriculture, food, finance and health. Photo: AFP.

The MoU is a mechanism for both countries to promote economic cooperation and investment, especially in potential sectors like agriculture, food, finance and health. Photo: AFP.

Thailand is the first country in Asean to sign an MoU online with the UK after it withdrew from the EU.

Commerce Minister Jurin Laksanawisit is scheduled to sign the MoU with Elizabeth Truss, the UK’s secretary of state for international trade, on March 29.

“The MoU will enhance the relationship between Thailand and the UK, and expand trade and investment after Brexit,” said Auramon Supthaweethum, director-general of the Trade Negotiations Department.

“This will pave the way for negotiations and dialogue on an FTA between Thailand and the UK.”

After Brexit, Ms Auramon said, her department discussed reviewing bilateral trade policies and seeking new opportunities to strengthen economic relations with Britain’s international trade officials.

MGID

The MoU is a mechanism for both countries to promote economic cooperation and investment, especially in potential sectors like agriculture, food, finance and health.

The department expects its study on the benefits and impact of the FTA to be concluded soon, after which it schedules public hearings.

Thailand-UK trade in 2020 was valued at US$4.88 billion (B148bn) in total, with exports to the UK worth $3.09 billion.

Major exports were processed chicken, motorcycles and their components, rubber products, automobiles, electrical circuit boards, machinery and jewellery. Imports from Britain were valued at $1.79 billion. Key products include machines and their components, electrical circuit boards, chemicals, pharmaceutical products and electric machinery.

The Trade Negotiations Department is planning an online seminar on trade regulations and doing business with the UK after Brexit.

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Kurt | 30 March 2021 - 10:11:48

Thailand's MoU signing is not worth the paper it is written on. Thailand only takes, not give. When nothing to take only, the MoU ends in a Thai low dusty drawer, like many international papers do in Thailand . MoU with Thailand are international not taken serious. Just face things.

JSombra | 30 March 2021 - 03:27:19

"Thailand is the first country in Asean to sign an MoU online with the UK after it withdrew from the EU."
Technically true but in reality cows excrement. Vietnam signed an actual trade deal few days before brexit and went live on day 1. Meanwhile Thailand is doing MoUs to just talk about trade deals..and with the track record they have in same area with the EU...

OK-Boomer-Na? | 24 March 2021 - 17:27:54

Why can’t the US put in an FTA like this too?

 

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