Commerce Ministry to firm up relations with British business
The strengthening of economic, trade and investment relations was the key topic addressed during Thursday’s discussions between Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce and the UK’s Minister for Investment, Lord Dominic Johnson of Lainston CBE and British ambassador Mark Gooding.
Also discussed was the two sides’ readiness to sign the Memorandum of Understanding (MOU) on being robust trade partners at the 2nd Joint Economic and Trade Committee (JETCO) meeting.
Thailand is set to host the meeting on May 31, which seeks to drive policy cooperation in key strategic areas of mutual interest such as agriculture, food and beverages, digital, product standards, investment, and tourism.
This initiative aims to create opportunities and facilitate trade and investment, aligning with the strategic partnership policy and utilizing proactive economic diplomacy to open trade doors.
Both parties hope that the MOU, including the planned collaborative activities in each sector to be carried out under the agreement over the next 2-3 years, will be beneficial in enhancing understanding of regulations, addressing trade barriers, increasing import-export value, and attracting more investments.
Additionally, it will serve as a foundation for considering the development of a Thailand-UK Free Trade Agreement (FTA) in the future.
The UK expressed interest in Thailand's economic development, particularly in the Digital Wallet policy.
This policy is crucial for the government as it enhances economic flexibility, stimulates local spending, promotes income distribution, and develops micro, small, and medium-sized enterprises (MSMEs) in the country.
It also stimulates production in the industrial sector and creates employment opportunities.
In 2023, the UK was Thailand's 22nd largest trading partner globally, with a total trade value of US$6.740 billion.
Thailand exported goods worth US$4.073 billion to the UK and imported goods worth US$2.667 billion.
