Thailand-UK to open FTA, attracting big companies’ investment in Thailand

[webfact]

Thailand-UK to open FTA, attracting big companies’ investment in Thailand

BANGKOK, 18 July 2016 (NNT) – Thailand and the United Kingdom have agreed to establish a Free Trade Agreement to attract investment from big corporations into Thailand as part of the government’s Thailand 4.0 strategy, according to the deputy commerce minister.

Deputy Minister of Commerce Suvit Maesincee has revealed the outcome of his visit to the UK, that Thailand and the UK have agreed to establish a Free Trade Agreement (FTA) with each other, in light of the Brexit referendum where the general public of the UK voted to leave the European Union.

Both countries are considering to establish a Thailand-UK Business Council, overseen by big companies from both countries tasked with pushing forward trade and investment cooperation.

Thailand is also set to invite big companies from the UK to expand foreign investment into Thailand, including the plan to encourage Rolls-Royce to move their manufacturing base from Singapore to Thailand, as Thailand is currently pursuing the advancement of its aviation business as part of the government’s industrial promotion strategy to upgrade the country dubbed Thailand 4.0.

The Ministry of Commerce’s current strategy will seek the strengthening of bilateral partnerships in trade, investment, tourism, digital infrastructure, innovation and technology, in parallel with the establishment of FTAs, and expediting the Regional Comprehensive Economic Partnership (RCEP) negotiations with ASEAN member states.

Thailand will be seeking cooperation with three groups of countries to push forward its development in many areas. Thailand will negotiate on enhancing trade with the CLMVT countries, which includes Cambodia, Laos, Myanmar, Vietnam, and Thailand. The Kingdom will also be focusing on increasing trading and investment activities with China, Japan, Singapore, South Korea and India, as well as Russia and Iran.


-- NNT 2016-07-18

[clockman]

Just dreaming!

[edwinchester]

Why do I get the feeling that London's idea of free trade is very different to that in Bangkok?

[chainarong]

To late , Australia already has their foot in the door as far as FTA is concerned , although nobody is going over backwards and setting up this or that , cause that's already in place ,being a Commonwealth country , it will take about two years to establish a FTA , most of the delay is the UK extracting itself from the EU.........

[Robbie Dye]

Question ... Can Uk enter FRA's after Article 50 is invoked? I wd think so

[dageurreotype]

And the UK come down very hard on the 30% 'facility fee'.

[chainarong]

Why do I get the feeling that London's idea of free trade is very different to that in Bangkok?

Most of the announcements out of Thailand I'd take with a pinch of salt , they seem to handle the truth and accuracy rather carelessly, especially DMP Pawtwit.

[kingalfred]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

Edited July 18, 2016 by kingalfred

[baboon]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

[pnustedt]

Really? The UK is prepared to enter into trade agreements with a totalatarian state -I don.t think so!

[hanuman2543]

Since when is Rolls Royce a British company again?

[jaidam]

Merkel, Juncker, LaGarde et al will really be choking on this. Good old Brexit, good old Britain. Worlds leading countries also chomping at the bit for FTA's. As usual we are leading the way, just watch the naysayers countries union fall like the house of cards it is.

[nausea]

Yeah, I agree, all chomping at the bit for FTAs with the world's fifth biggest economy. Interesting also that Softbank is putting some significant investment into the UK economy. Good bargains to be had, there are

[nausea]

I suspect, given what's happening so far, that this is going to be very good for the UK economy. If it's going to be good for the "man on the Clapham omnibus" remains to ne seen.

[kingalfred]

Really? The UK is prepared to enter into trade agreements with a totalatarian state -I don.t think so!

It Already trades with a " totalitarian"'state. Heard of China have you?

[kingalfred]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

a " feeling " Ah Nothing to back it up!

[baboon]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

a " feeling " Ah Nothing to back it up!

Correct; that is what a feeling is. Just like when you wrote "All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years" with nothing to back it up.

[Srikcir]

Really? The UK is prepared to enter into trade agreements with a totalatarian state -I don.t think so!

It Already trades with a " totalitarian"'state. Heard of China have you?

USA's largest trade partner is China who has been Most Favored Nation since 2001.

[graemeaylward]

No unilateral Free Trade Agreements can be set up by the UK until after the break from the EU is completed. This will not happen until 2 years after Article 50 is triggered which the UK government is in no hurry to do. It is likely that it will be 2017 at the earliest before UK formally invoke the exit procedure, hence 2019 before negotiations with any country interested in Free Trade can begin! Yet again this illegitimate Thai government is writing it's own fairy tale scripts!

[gandalf12]

The companies will see the hiring of cheap labour (yes labour is spelt like this in English) as a good thing then they will see all the restrictions and think twice about it

[ratcatcher]

Really? The UK is prepared to enter into trade agreements with a totalatarian state -I don.t think so!

Let's just settle for authoritarian. Totalitarian is so North Korea. Thailand isn't there yet. Yet!

[klauskunkel]

Looks like Thailand is getting all the investment benefits of this deal...

What does the UK get out of it?

[fosseway]

http://www.nationmultimedia.com/business/Thailand-UK-to-work-on-FTA-30290828.html

[Jimbo2014]

At the beginning of any journey there is hope. As the journey nears it's end there is reality. A sinking ship can drag down those pulled into its whirlpool.

[spidermike007]

Thailand never has understood the concept of free trade. In the most recent ASEAN charter there was a free trade provision, that Thailand signed on to, that allowed the free trade of all alcoholic beverages produced throughout ASEAN. It went into effect as of the past New Years Eve. Free trade, duty free of all beer in every ASEAN nation! How much Bintang beer have you seen on your local supermarket shelf lately? Why is Beer Lao not on every supermarket, and 7/11 shelf now? The worms at Singha and Chang got to the senators, and they squashed this possibility like a bug. They pretended they never signed on. Absolute defiance of the law. Absolute defiance of their ASEAN neighbors, who for all we know are abiding by the agreement they signed, as law abiding nations often do.

So, just the concept of free trade, needs to be explained to these creeps, who think talking is the same as acting. The UK will insist on actual free trade. Not just the signing of an agreement, then the ignoring of everything it stands for! Thailand will be held to account for it's actions. What a concept that is.

[dageurreotype]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

Indeed. Same as when the UK press attempting to entice voters with cheaper wine, and cheese and ... And what happened? Everything doubled in price.

[kingalfred]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

a " feeling " Ah Nothing to back it up!

Correct; that is what a feeling is. Just like when you wrote "All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years" with nothing to back it up.

Difference is what I pointed out is far more likely considering Thailand is looking for a FTA. Your "feeling" is no more than ...um what it is!

[kingalfred]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

Indeed. Same as when the UK press attempting to entice voters with cheaper wine, and cheese and ... And what happened? Everything doubled in price.

"Double in price" because of what? And when did that happen ?

[Prbkk]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

We are told that the high prices relate to tariffs but I am sceptical : just what is the profit margin on those luxury items such as cheese, chocolate, other dairy? For example, Lindt chocolate available in Bangkok costs 139 Baht ( made in Switzerland); the identical bar costs on average 60-65 Baht in Australia( made in the US). Identical taste, packaging. Yes, Australia is a bigger market with some economies of scale ...but a 100% plus difference? I bring my own, 20 bars at a time. Same with nuts. Cheese: outrageous prices.

[Baerboxer]

Just think . All those expensive imported Waitrose food products in Central/Tops stores currently with 100% "luxury" tariffs could be accessible in 2 years, and other UK companies free from the EU shackles. Opportunities are boundless. Take note "Remainiac" deniers! The EU project is beginning a slow death!

I have a feeling that no matter what any agreement may or may not say, those 'luxury' tariffs will not be going anywhere and that the 'free' part of the deal will be east to west only.

Indeed.

Also the UK beefed up its anti corruption legislation a couple of years ago. If you work for an organization and have knowledge of bribes, "sweetners and incentives", kick backs or anything similar happening, and fail to report it you are now committing a criminal offence. Even if not directly involved you could be charged with failing to report. Similarly anti Slavery legislation has been beefed up recently. The UK (and US) stance on these is tougher than most other EU member states.