A second Joint Economic and Trade Committee (JETCO) meeting between Thailand and the United Kingdom is scheduled to be held in Thailand in November this year.
Auramon Supthaweethum, director-general of the Trade Negotiations Department, stated that Thailand and the UK are ready to enhance their economic cooperation into a strategic partnership in various sectors. This would lead to free trade agreements between both nations in the future.
Both countries have elevated their economic relations following the UK’s exit from the European Union. A Memorandum of Understanding to establish JETCO was signed in 2022, with the objective to promote and strengthen bilateral cooperation on trade and investment. The first JETCO meeting was held in June 2022, which was co-chaired by UK Minister of State for trade policy Penny Mordaunt and Thailand’s Commerce Minister Jurin Laksanawisit
The upcoming meeting is expected to provide updates on the initial work plan to expand and facilitate trade while reducing barriers in agriculture, investments, digital, and various sectors.
Bilateral trade between Thailand and the UK totaled 6.2 billion US dollars in 2022. Thailand’s exports to the UK reached 4 billion in 2022, while imports from the UK totaled 2.16 billion. Key Thai export products include processed chicken, automobiles and auto parts, jewelry, and gemstones. Meanwhile, Thailand imports machinery, electrical circuits, carbonated beverages, and medical science equipment from the UK. (NNT)
