UK keen to boost economic ties with Thailand

[webfact]

UK keen to boost economic ties

By THE NATION

 

 

BRITAIN is keen to forge closer economic and trade collaboration with more countries beyond the European trade bloc that it is leaving and Thailand is particularly attractive as the centre of the Asean region, Deputy Prime Minister Somkid Jatusripitak said yesterday after meeting British International Trade Secretary Liam Fox.
 

Fox arrived in Thailand on Wednesday on a visit aimed at boosting trade relations between the two countries.

 

In the meeting yesterday, Somkid told Fox that he wants the UK to invest more in Thailand in those areas where British investors have expertise, such as the services sector, software, and the development of educational institutions in Thailand. 

 

British investors were invited to invest in the Eastern Economic Corridor (EEC), which covers the provinces of Chachoengsao, Chon Buri and Rayong, he said.

 

The UK sent a clear signal that it needs to seek alliances in many areas after it leaves the European Union, said Somkid, adding that Fox told him that the UK economy has improved. 

 

His visit to Thailand is aimed at further strengthening bilateral ties with Thailand and the trade and investment flows between the two countries – under the shadow of Brexit, a process that is resetting Britain’s international outlook.

 

Somkid said he would lead the ministers at the helms of the commerce, digital economy and society, and education ministries – as well as leading business figures – on a delegation to the UK in the near future.

 

Thailand is the second-largest economy in Southeast Asia and bilateral trade with the UK increased by 2.8 per cent to 5.6 billion euros (Bt246 billion) in 2015-16. Machinery, vehicles and mechanical appliances account for the bulk of Britain’s exports to Thailand.

 

On Wednesday, Fox met Digital Economy and Society Minister Pichet Durongkaveroj and they discussed possible collaboration to develop human resources in the digital sector.

 

The British minister also had talks with Commerce Minister Sontirat Sontijirawong.

 

The first UK trade minister to visit Thailand in 15 years, Fox was expected to raise the subject of the national election that has been promised for Thailand by early next year.

 

 “The UK’s trade with Thailand is growing steadily, but there is still huge untapped demand for British goods and services across the Thai economy, which is growing strongly and has a large middle class,” Fox said in a press statement.

 

 “The IMF (International Monetary Fund) predicts 90 per cent of global growth in the coming years will come from outside the EU, and this government is putting the UK in a position to benefit, particularly by boosting export finance and showcasing British companies to the Asian market.”

 

Thailand is implementing its Thailand 4.0 industrial strategy, with an emphasis on moving towards a digital economy, from initiatives such as rolling out high-speed Internet access for all villages to setting up a Big Data analytics centre. Fox will highlight how the UK’s world-class digital sector can support this strategy. 

 

The trade minister’s arrival follows a recent visit by representatives of Thai digital technology companies to the UK. 

 

On his trip, Fox will also promote the capability of UK companies in areas such as financial services, and transport, the statement said.

 

Source: http://www.nationmultimedia.com/detail/Economy/30342563

 

-- © Copyright The Nation 2018-04-06

[grumbleweed]

2 hours ago, webfact said:

the development of educational institutions in Thailand. 

I hope someone has pointed out that  B.E. stands for Bachelor of Engineering and not Brown Enveloping

[hansnl]

Verhofstad c.s, and the rest of the europhiles, won't like this.

At all.....

Edited April 6, 2018 by hansnl

[wgdanson]

3 hours ago, webfact said:

and bilateral trade with the UK increased by 2.8 per cent to 5.6 billion euros (Bt246 billion) in 2015-16

When I read that a trade agreement for £ ???? M between say UK & Thailand, does that mean the sum of trades between the two countries, or the difference. Please.

[evadgib]

 

https://www.gov.uk/government/news/international-trade-secretary-visits-thailand-to-develop-trade-links

[BuaBS]

So that means no import duties on Thai products and 30% on British imports ?

[sawadee1947]

5 hours ago, webfact said:

BRITAIN is keen to forge closer economic and trade collaboration with more countries beyond the European trade bloc that it is leaving and Thailand is particularly attractive

Wow, now QUALITY will come into UK. Well done.

[Lemonltr]

2 hours ago, BuaBS said:

So that means no import duties on Thai products and 30% on British imports ?

About right. It also means that the compulsory import licence for the UK imported product will be issued to a relative of the Thai competitor. Thais hate level playing fields so wouldn't join TPP.

Poor Fox! A lamb to the slaughter with his 'give and take' naive attitude.

[Rama]

Yea, more Boots pharmacies here and they'll let you stash your ill gotten wealth in their banks. Oh, and we'll let the Shinawatras stay and not tell you. Sounds fair...

[baboon]

3 hours ago, hansnl said:

Verhofstad c.s, and the rest of the europhiles, won't like this.

At all.....

Won't like what? Us going cap in hand to a military junta because we are up $hit creek financially? 

[Srikcir]

9 hours ago, Lemonltr said:

Thais hate level playing fields so wouldn't join TPP.

Look again.

Thailand is considering applying to join the 11-nation trade deal. March 2018

http://aec.utcc.ac.th/thailand-again-thinking-about-joining-tpp/

 

[sammieuk1]

Now down to embezzlement details how do we get away with it ?

[Airbagwill]

There seems to be a plethora of posts trying to cover their ignorance with cynicism.

A large part of this is a face saving exercise for the government back home who are hoping that the public might think that trade deals like this will compensate for Brexit.

The truth is that these are minute compared to the trade lost with the EU.

The second observation is that for decades, the UK has lagged way behind several other countries in Europe and successive UK governments have failed to investigate or appreciate any possible value in closer trade with Thailand.

Thirdly any deal that UK does with Thailand will be totally overshadowed by anything they could have achieved jointly with the EU.

For instance the chicken industry mentioned already set up to EU standards and supplies Chicken products to the EU. So the UK is just doing a deal they'd have had anyway within the EU.