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Thailand preparing to cash in on trade ties with UK after Brexit


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Thailand preparing to cash in on trade ties with UK after Brexit

 

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The Ministry of Commerce will accelerate moves for a free trade agreement with Britain after it officially leaves the EU, a senior official said.

 

The ministry is planning to hold a seminar to give knowledge about trade regulations with Britain after Brexit this March, so that Thai entrepreneurs are not affected by the changes.

 

Auramon Supthaweethum, director-general of the Trade Negotiations Department, said that the United Kingdom officially ceased to be a member of the European Union (EU) at 11 pm GMT on January 31, three and half years after Britain voted to leave the EU in a referendum.

 

From now until the end of 2020, it will be a transition period of 11 months for the UK to remain under British regulations but without voting rights. Both sides must hasten negotiations, establish trade and security agreements, in order to ensure smooth relations between the two sides when the UK completely leaves the EU on January 1, 2021.

 

Auramon said Britain’s exit from the EU will not have much of an impact on Thailand. There may be a slight fluctuation in the value of the pound. But trade between the UK and other countries, including Thailand, will continue as normal under old trade rules, as though the UK is still a part of the EU for at least until the end of the year. However, during this period the UK will hold discussions for a trade agreement between them. The Thai Trade Negotiations Department will follow up on these discussions to coordinate with relevant sectors and prepare for appropriate adjustments.

 

She said the department has closely followed the Brexit situation and was preparing measures to support any after-effects. In particular, there will be negotiations with both the EU and Britain on the amendment of the WTO tariff quota table for 31 products, including cassava, cassava flour, white rice, brown rice, broken rice, animal products, canned fish wings, etc for which Thailand has received quotas from the EU. It will have to allocate new quotas after Britain leaves the EU with the primary goal of preserving Thailand’s full quota. Both the EU and Britain have to allocate new quotas, which should not be less than what Thailand enjoyed while Britain was still an EU member as well as reflecting the actual trade volume between Thailand and the EU. Britain is Thailand’s 21st most important trading partner (second in the EU behind Germany), with trade in 2019 valued at $6.26 billion. Thailand enjoyed a trade surplus of $1.426 billion.

 

Closer relations with the UK after Brexit is, therefore, a matter of importance to Thailand. The department is currently studying the policies and measures that hinder trade and investment between Thailand and the UK. There are meetings scheduled to brainstorm opinions with the government and the private sector on February 7 and 13 respectively. When Thailand and the UK complete each other’s trade policy studies, both sides will go into the discussions to prepare a joint trade policy report. This will help pave the way for FTAs to be created in the future.

 

In this regard, trade between Thailand and England in 2019 totalled US$6.260 billion, down by 11.04 per cent from the same period last year, with Thai exports to the UK worth $3.843 billion. Major exports include processed chicken, cars and equipment, electrical circuits, gems and jewellery, motorcycle machinery, etc. Thailand’s imports from Britain amounted to $2.417 billion. Major imports were machinery and components, electrical circuit boards, beverages, medical and pharmaceutical products, etc.

 

Source: https://www.nationthailand.com/business/30381459

 

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-- © Copyright The Nation Thailand 2020-02-03
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1 hour ago, mrfill said:

And Thailand should insist that their citizens can get 30 day visa exempt entry then.

Why a first word country like the UK,should give easy access to people from a 3rd world country,who are also known to overstay their visa or disappear and work with a touristvisa

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15 hours ago, snoop1130 said:

Thailand preparing to cash in on trade ties with UK after Brexit

Only if it's a level playing field, ie: drop the "luxury tax" on everything imported to Thailand while expecting tariff free into UK

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This lady must have good views for the future, knowing very well that BoJo has no clue about how to make a deal, will lead that island in the sea to poverty-and then they have to eat processed canned FISH wings!!-thats even less as a poor mans diet.

Perhaps it can all be made OK when they succeed in getting BoJo here, send a few Sukhumvit soi 8 ladies to him at his utter surprise (most of you Brits dont know anything else too-except those happily married with Isany ladies and living in Baan Nowhere) and then hastily struck some agreement so that shrewd Thai can have it all. Do you UKkies really think Thai will give you access to land as all other 200+ nations in this world cannot?

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1 hour ago, mrmicbkktxl said:

Why a first word country like the UK,should give easy access to people from a 3rd world country,who are also known to overstay their visa or disappear and work with a touristvisa

Well that's exactly what has been happening since the late 1990s thanks to Tony Blair and the EU only no visa required at all.

 

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22 minutes ago, Magenta408 said:

Great! Thailand produces a lot of agricultural products which the UK could readily use. 

You are right. That is the sad thing that happened to the UK. They stopped being able to feed itself. The common agriculture policy basically stopped British farmers producing and it went to the continent like France. The fisheries policy stopped British ships for fishing in their own waters. Cheers EU.

 

People still wonder why the UK voted leave.

 

Yes Thai products would be welcome for me.

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