Thailand, UK agree in principle to sign Free Trade Agreement

Illustrative image (Source: blogs.shrewsbury.ac.th)

Bangkok (VNA) – Thailand’s Deputy Minister of Commerce Suvit Maesincee said Thailand and the UK have agreed in principle on the signing of a Free Trade Agreement in the context of the UK’s decision to leave the European Union.

According to the Deputy Minister, who has just returned after a visit to the UK, the FTA aims to attract investment from big corporations to Thailand as part of its new development strategy and help the UK to reduce damages resulted from leaving the EU.

Suvit Maesincee said the UK is one of Thailand’s important export markets and Thailand will try to ensure its access to the market under a bilateral agreement after the UK’s exit from the EU.

Thailand and the UK will weigh up the establishment of a Thai-British Business Council under the management of representatives from big corporations to boost trade and investment cooperation between the two countries.

The first meeting of the council may be organised on September or October in Thailand.

According to data from Thailand’s Ministry of Commerce, in the first five months this year, Thailand-UK two-way trade value reached 2.24 billion USD with Thailand’s exports valued at 1.49 billion USD. The UK is Thailand’s second largest trade partner in the EU.-VNA