Thailand and the United Kingdom are in talks to expand trade and investment between the two countries under a free trade agreement (FTA).
Commerce Minister Pichai Naripthaphan said yesterday deepening economic cooperation and boosting trade and investments were key topics discussed during the Dec 4 meeting with Mark Gooding, British Ambassador to Thailand.
"The Thai-UK FTA is being considered as a means to enhance bilateral trade and investments, which is also in accordance with the policy to strengthen economic ties," Mr Pichai said.
Both sides have also affirmed their commitment to develop trade and investment ties through the Joint Economic and Trade Committee (Jetco) at the ministerial level, he said.
Mr Pichai said the Thai-UK Jetco mechanism is intended to promote an environment favourable for doing business and streamline trade and investment procedures under the framework of the Enhanced Trade Partnership, which covers sectors such as agriculture, food and beverages and tourism.
He said the second Jetco meeting between Thailand and the UK is scheduled for next year to follow up on the work.
The meeting will also take place during the 170th anniversary of diplomatic ties, he said.
Mr Pichai said he emphasised during the discussion with the UK ambassador the importance of a strong trade partnership, as it would serve as a foundation for future FTA negotiations between the two countries.
"If both sides could establish an FTA, it would mark a significant step in promoting growth in trade and investment," he said, adding the Thai and UK business sectors have expressed strong support for the FTA discussion.
He said he also informed the UK that his ministry is ready to support foreign trade and investments, particularly on target industries and services like electronic data processing equipment, pharmaceuticals and medical devices.
Mr Pichai said he also took the opportunity to thank the UK for supporting Thailand's bid to become a member of the Organisation for Economic Co-operation and Development).
Based on information from January to October this year, the UK ranked 22nd as the trade partner in the global market and fourth in Europe. Trade values between the two countries amounted to US$5.5 billion, with Thai exports worth $3.45 billion.
Key export goods included processed chicken, machinery, gems and jewellery, motorcycles and parts and automobiles and components.
Source: Bangkok Post
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
