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FRIDAY, December 01, 2023

Thailand, UK agree to boost trade back to $7-billion level

Thailand, UK agree to boost trade back to $7-billion level
WEDNESDAY, June 22, 2022

Thailand and the United Kingdom have agreed to cooperate on six aspects to boost trade between the two countries, bringing it back to the US$7 billion [247 billion baht] level, Commerce Minister Jurin Laksanawisit said on Tuesday.

His remark came after a Joint Economic and Trade Committee ministerial meeting at Central Hall Westminster, London.

Jurin said he and UK Minister of State for Trade Policy Penny Mordaunt agreed to promote cooperation between the two countries in agriculture, digital technology, foods and beverages, investment, commerce and finance.

He said Thailand would recover its trade value with the UK back to $7 billion as the value has dropped sharply since 2017. The trade value is currently $5.5 billion, Jurin said.

Thailand would boost its economic relationship with the UK, moving from a joint trade committee to an enhanced trade partnership and a free trade area in the future, he said.

Thailand presently has 14 FTA agreements with 18 countries.

“Currently, the UK is Thailand’s 22nd biggest trade partner globally and 4th in Europe, so we have to boost the trade value between the two countries back to $7 billion as soon as possible,” Jurin noted.

He said senior operations managers will hold a meeting to implement the plan, focusing on using the Bio-Circular-Green economic model and the Asia-Pacific Economic Cooperation theme of “Open. Connect. Balance”.

“We believe the results of this meeting will benefit Thai exports by generating revenue. It will also help in the exchange of academics, technology and innovation, especially on a digital economy, which the UK has expertise in,” he added.