Thailand and UK sign ambitious bilateral commerce deal

Thai Deputy PM and Minister of Commerce, Jurin Laksanawisit, met UK Minister of State for Trade Policy, Penny Mordaunt, in London yesterday to discover methods of accelerating bilateral commerce and committing to an bold trading relationship.
The 2 politicians concluded business at the UK-Thailand Joint Economic and Trade Committee by signing a programme of labor, including Government-to-Government and Government-to-Business activity, to advance opportunities to increase commerce over the next 12-18 months.
The ministers additionally agreed to develop an Enhanced Trade Partnership sooner or later. This will launch a more formidable programme of labor to increase commerce in a number of sectors by undertaking trade coverage cooperation, tackling trade obstacles, and promoting enterprise and commerce activity.
The ministers established a commerce cooperation working group, to construct on the work of the lately accomplished Joint Trade Review, by identifying and resolving obstacles to commerce and selling policy and commerce cooperation projects.
Jurin and Minister Mordaunt welcomed the partnership between the Thai-UK Business Leadership Council and the newly established Thai-UK Business Council as nicely as the business roundtable organised by the UK-ASEAN Business Council.
Both nations are dedicated to creating enterprise within the digital sector and a Letter of Intent on Digital Cooperation was signed between the UK Department for Digital, Culture, Media and Sport, and the Thai Ministry of Digital Economy and Society.
To advance agricultural commerce relations, the ministers agreed to sign a Memorandum of Understanding, and highlighted the strong potential of the foods and drinks sector to contribute to bilateral trade between the 2 international locations
Both ministers agreed to realize a greater understanding of the rules and regulations of healthcare and expressed robust support for conducting Government-to-Business engagement to support trade in monetary providers.
The ministers welcomed the depth and breadth of the UK and Thailand’s commerce relationship and committed to persevering with trade and investment promotion activity in numerous sectors including Education, Infrastructure, and Energy.
In 2021, the worth of trade between Thailand and the UK was £4.8 billion for items and services. Thailand was the UK’s fortieth largest buying and selling companion in 2021 accounting for zero.4% of complete UK trade. Thailand was also the 38th largest importer to the UK accounting for zero.4% of total UK imports and the 46th largest export market, accounting for zero.3% of UK exports.
The UK was Thailand’s twenty second largest buying and selling associate in 2021 accounting for 1.0% of total Thai trade. Wacky was the twenty fifth largest importer to Thailand accounting for 0.8% of Thai imports and the 19th largest export market, accounting for 1.3% of Thai exports.
The new UK-Thailand Joint Economic and Trade Committee will be adopted by the fourth UK-Thailand Strategic Dialogue on June 30.
SOURCE: GOV.UK

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