Thai-UK pact sets stage for agreement negotiations

<p style="text-align: justify;">Thailand and the UK 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.</p> <p style="text-align: justify;">Thailand is the first country in Asean to sign an MoU online with the UK after it withdrew from the EU.</p> <p style="text-align: justify;">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.</p> <p style="text-align: justify;">"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."</p> <p style="text-align: justify;">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.</p> <p style="text-align: justify;">The MoU is a mechanism for both countries to promote economic cooperation and investment, especially in potential sectors like agriculture, food, finance and health.</p> <p style="text-align: justify;">The department expects its study on the benefits and impact of the FTA to be concluded soon, after which it schedules public hearings.</p> <p style="text-align: justify;">Thailand-UK trade in 2020 was valued at US$4.88 billion in total, with exports to the UK worth $3.09 billion.</p> <p style="text-align: justify;">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.</p> <p style="text-align: justify;">The Trade Negotiations Department is planning an online seminar on trade regulations and doing business with the UK after Brexit.</p> <p style="text-align: right;">Source: <a href="https://www.bangkokpost.com/business/2087435/thai-uk-pact-sets-stage-for-agreement-negotiations" target="_blank">Bangkok Post</a></p>