Thai Deputy PM and Minister of Commerce, Jurin Laksanawisit, met UK Minister of State for Trade Policy, Penny Mordaunt, in London yesterday to discover ways of accelerating bilateral commerce and committing to an bold buying and selling relationship.
Complete concluded business at the UK-Thailand Joint Economic and Trade Committee by signing a programme of work, together with Government-to-Government and Government-to-Business activity, to advance opportunities to extend commerce over the next 12-18 months.
The ministers additionally agreed to develop an Enhanced Trade Partnership in the future. This will launch a more formidable programme of labor to increase commerce in multiple sectors by endeavor commerce coverage cooperation, tackling commerce barriers, and promoting business and trade exercise.
The ministers established a commerce cooperation working group, to build on the work of the lately accomplished Joint Trade Review, by identifying and resolving limitations to commerce and promoting coverage and trade cooperation projects.
Jurin and Minister Mordaunt welcomed the partnership between the Thai-UK Business Leadership Council and the newly established Thai-UK Business Council in addition to the business roundtable organised by the UK-ASEAN Business Council.
Both nations are committed to growing 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 strong potential of the foods and drinks sector to contribute to bilateral trade between the 2 international locations
Both ministers agreed to realize a better understanding of the principles and regulations of healthcare and expressed strong support for conducting Government-to-Business engagement to support commerce in financial providers.
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 numerous sectors together with Education, Infrastructure, and Energy.
In 2021, the value of commerce between Thailand and the UK was £4.8 billion for items and providers. Thailand was the UK’s fortieth largest buying and selling associate in 2021 accounting for 0.4% of total UK trade. Thailand was additionally the thirty eighth largest importer to the UK accounting for zero.4% of complete UK imports and the 46th largest export market, accounting for zero.3% of UK exports.
The UK was Thailand’s twenty second largest buying and selling partner in 2021 accounting for 1.0% of total 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 followed by the fourth UK-Thailand Strategic Dialogue on June 30.
SOURCE: GOV.UK