Pichai discusses economic cooperation, FTA with UK ambassador

Commerce Minister Pichai Naripthaphan met with Mark Gooding, the British Ambassador to Thailand, on December 4 at the ambassador’s official residence in Bangkok to discuss economic, trade, and investment cooperation. 

The talks explored the feasibility of a Thailand-UK Free Trade Agreement (FTA) to enhance bilateral trade and investment, aligning with both governments' policies to strengthen economic ties.

The discussions emphasised mutual commitment to expanding trade and investment through the Joint Economic and Trade Committee (JETCO) at the ministerial level. Both sides aim to create a favourable business environment, facilitate trade and investment, and deepen cooperation under the Enhanced Trade Partnership (ETP). 

This includes collaboration in key sectors such as agriculture, food and beverages, investment, tourism, and health care, where the two nations share complementary resources and capabilities.

Earlier, Pichai and UK Trade Minister Douglas Alexander signed a memorandum of understanding (MoU) in Bangkok on September 18. Both parties expressed readiness to host a second JETCO meeting in 2025 to review progress, marking the 170th anniversary of diplomatic relations between Thailand and the UK.

Pichai stressed the importance of a strong trade partnership as a foundation for future FTA negotiations. He said he believed an FTA would significantly boost bilateral trade and investment, fostering sustainable growth. Businesses of both countries have consistently supported the initiation of such negotiations to expand trade opportunities.

The minister also thanked the UK for supporting Thailand’s application to join the Organisation for Economic Co-operation and Development (OECD). He reiterated the Ministry of Commerce's commitment to facilitating smoother foreign trade and investment in Thailand, particularly in target industries such as electronic data processing equipment, data centres, pharmaceuticals, and medical devices.

During the first 10 months of 2024 (January–October), the United Kingdom ranked as Thailand's 22nd-largest trading partner globally and fourth in Europe, following Switzerland, Germany and the Netherlands. The total trade volume between the two countries was US$5.54 billion, with Thailand recording a trade surplus of $1.37 billion.