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Monday, July 4, 2022
Trading

UK and Thailand sign bilateral trade deal

UK and Thailand

They signed off a programme of work, including Government-to-Government and Government-to-Business activity, to advance opportunities to increase trade over the next 12-18 months

The UK and Thailand held the first Joint Economic and Trade Committee (JETCO). The JETCO offers a significant new opportunity to improve bilateral trade, including by addressing trade barriers affecting business activity in both countries. The first meeting was hosted by the UK.

The UK Minister of State for Trade Policy, Penny Mordaunt, and Thai Deputy Prime Minister and Minister of Commerce, Jurin Laksanawisit, held positive and productive talks in London to explore ways of increasing bilateral trade and committing to an ambitious trading relationship.

They signed off a programme of work, including Government-to-Government and Government-to-Business activity, to advance opportunities to increase trade over the next 12-18 months.

Demonstrating the importance of the UK-Thailand trade relationship, and building on the productive work to date, the Ministers agreed to develop an Enhanced Trade Partnership (ETP) in the future.

This will launch a more ambitious programme of work to increase trade in multiple sectors including by undertaking trade policy cooperation, tackling trade barriers, and promoting business and trade activity. The ETP could be a first step in laying the foundations for a potential FTA in the future.

Minister Jurin and Minister Mordaunt welcomed the partnership between the Thai-UK Business Leadership Council and the newly established Thai-UK Business Council as well as the business roundtable organised by the UK-ASEAN Business Council.

The Ministers established a trade cooperation working group, to build on the work of the recently completed Joint Trade Review, by identifying and resolving barriers to trade and promoting policy and trade cooperation projects.

Minister Jurin and Minister Mordaunt welcomed the progress made in negotiations and the convening of MC12 in Geneva, and committed to discussing the outcomes of the Conference in their next meeting including the efforts to reform and modernise the WTO.

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