British Trade Policy Minister Penny Modant and Thailand’s Deputy Prime Minister and Commerce Minister Julin Laksanawisit meet in London to find ways to promote bilateral trade and build ambitious trade relations. I did.
The United Kingdom and Thailand recently established the first Joint Economic and Trade Commission (JETCO). This committee offers important new opportunities to improve bilateral trade, including addressing trade barriers that affect the business activities of both countries. The first meeting was hosted by the United Kingdom and the work program was approved.
The work program aims to promote opportunities to promote trade over the next 12-18 months.
Ministers have agreed to develop a strengthened trade partnership (ETP) in the future. The official release states that this will initiate a more ambitious work program to increase trade in multiple sectors, including implementing trade policy cooperation, addressing trade barriers and promoting business and trade activities. ETPs could be the first step in laying the foundation for potential FTAs in the future.
They have established a Trade Cooperation Working Group based on the work of the recently completed Joint Trade Review.
In 2021, the value of trade between Thailand and the United Kingdom was £ 4.8 billion for goods and services. Thailand was the UK’s 40th largest trading partner in 2021 and accounted for 0.4% of the UK’s total trade.
Thailand is also the 38th largest importer to the UK, accounting for 0.4% of the UK’s total imports, and the 46th largest export market, accounting for 0.3% of the UK’s exports.
The United Kingdom was Thailand’s 22nd largest trading partner in 2021 and accounted for 1 percent of Thailand’s total trade. The United Kingdom is the 25th largest importer to Thailand, accounting for 0.8% of Thailand’s imports, and the 19th largest export market, accounting for 1.3% of Thailand’s exports.
Fiber2Fashion News Desk (DS)
UK and Thailand establish first joint economic and trade committee
Source link UK and Thailand establish first joint economic and trade committee