Brexit to have no impact on Thailand, but senior official urges FTA talks with UK

[webfact]

Brexit to have no impact on Thailand, but senior official urges FTA talks with UK

By The Nation

 

 

The Fiscal Policy Office (FPO) believes Brexit is unlikely to have much impact on the Thai economy, as the value of trade, investment and tourism between the two countries is not high.

 

Pisit Puapan, FPO director of Macroeconomic Policy Bureau, said that last year the UK was ranked the 20th major export destination for Thai goods and services, accounting for only 1.6 per cent of Thailand's total export. UK was the 12th largest investor in Thailand last year.

 

However, he added that Thailand should rush to hold trade talks with UK to foster trade ties after Brexit and seek ways to provide more convenience to traders between the two countries.

 

Thailand should also hold talks for a free trade agreement with the UK, he added.

 

The Federation of Thai Industries chairman, Suphant Mongkolsuthree, backed Pisit's suggestion to initiate FTA talks with the UK and resume free-trade talks with the European Union (EU).

 

The Department of Trade Negotiations recently released a complete study on the pros and cons of Thailand resuming free-trade talks with the EU for Commerce Minister Jurin Laksanawisit to consider.

 

The Institute of Future Studies for Development has completed the study, which shows that if Thailand and 27 EU members, excluding UK, cancel all import tariffs, then in the long run Thailand’s gross domestic product will be boosted by 1.28 per cent and be worth Bt205 billion per year.

 

Source: https://www.nationthailand.com/business/30399871

 

 

-- © Copyright The Nation Thailand 2020-12-21

 

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[RichardColeman]

Getting a bit daft having one story saying brexit will hit trade with Thailand and two stories saying down it wont !

[Bangkok Barry]

ThaiVisa headlines today.

[Burma Bill]

12 hours ago, webfact said:

senior official urges FTA talks with UK

 New trade deals between Cambodia and the UK commence on 1st January 

 

December 18, 2020

The United Kingdom and Cambodia keeping ties strong

During a meeting with Cambodia’s Minister of Foreign Affairs, Prak Sokhonn, the UK Ambassador to the Kingdom of Cambodia, Tina Redshaw, announced that starting on January 1, 2021, the UK will implement an independent trade policy.

[nong38]

I like the bit about foster trade ties and to seek ways to provide more convenience to traders, if only they could adapt that to tourists arriving they might get more interest in coming to Thailand instead of creating more obstacles.

[mikebell]

The UK's principal exports to Thailand are pensioners.  This saves the UK Government millions by freezing pensions (mine is £370 a MONTH after 39 years of working!)  UK also saves on fuel payments/medical expenses/travel allowances/social services whilst still taxing these old people. 

The importation of this product allows Thai authorities to humiliate and exploit them at every turn to thank them for the old folks' assistance in taking abandoned Thai children, putting them through college plus providing employment and security for thousands of local businesses.

The old people are then turned over to Thai Immigration where, despite their age, they are made to jump through so many hoops as to make it hazardous to their health.