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THURSDAY, October 06, 2022
Thailand-UK plan first ministerial level JETCO meeting in June

Thailand-UK plan first ministerial level JETCO meeting in June

WEDNESDAY, March 30, 2022

Thailand and the UK will hold the first Joint Economic and Trade Committee (JETCO) meeting in June on expanding investment and trade.

Auramon Supthaweethum, director-general of the Department of Trade Negotiations, was speaking after the department held a Senior Official Meeting with the UK on Friday.

They discussed holding the first JETCO at the ministerial level in June in London. They discussed the overall situation, economic policies, guidelines to improve trade and investment relations, and the preparation for JETCO.

They aim to improve the economic, trading, and investment relations as the UK has left the European Union. In March, Thailand and the UK had signed a memorandum of understanding to establish JETCO.

Auramon said, “The UK is advanced in digital, technology and services. It also has strict laws and regulations, especially for new areas such as environment, security and health. It is a good opportunity for Thailand to join hands with the UK, as Thailand has good products and services, and it can prepare to develop for the fast-changing world in the new era.

“The cooperation with the UK will be beneficial in exchanging experience and knowledge of research into future food, plant-based food, and regulations for the registration of health products.”

In 2021, the UK is Thailand’s 22nd biggest trade partner, the fourth biggest in Europe behind Germany, Switzerland, and the Netherlands. Trade value between the two nations was valued at US$5.533 billion (THB175.223 billion). Thailand exported to the UK goods and services worth $3.489 billion and imports from the UK were worth $2.044 billion.

Major Thai exports were processed chickens, motorcycles, jewels and accessories, tyre products, and cars. Major imported products included machines, circuit boards, paper pulp and paper scrap, and chemicals.