The United Kingdom and Thailand recently formed the first Joint Economic and Trade Committee (JETCO), which offers a significant new opportunity to improve bilateral trade, including by addressing trade barriers affecting business activity in both countries. The first meeting was hosted by the United Kingdom and a programme of work was signed off. UK minister of state for trade policy Penny Mordaunt and Thai deputy prime minister and minister of commerce Jurin Laksanawisit held talks in London to explore ways to raise bilateral trade and commit to an ambitious trading relationship. The programme of work is aimed at advancing opportunities to raise trade over the next 12-18 months.
The ministers agreed to develop an enhanced trade partnership (ETP) in the future. This will launch a more ambitious programme of work to increase trade in multiple sectors, including by undertaking trade policy cooperation, tackling trade barriers and promoting business and trade activity, an official release said. The ETP could be a first step in laying the foundations for a potential FTA in the future. They set up a trade cooperation working group to build on the work of the recently completed Joint Trade Review. In 2021, the value of trade between Thailand and the United Kingdom was £4.8 billion for goods and services. Thailand was the United Kingdom’s 40th largest trading partner in 2021 accounting for 0.4 per cent of total UK trade. Thailand was also the 38th largest importer to the UK accounting for 0.4 per cent of total UK imports and the 46th largest export market, accounting for 0.3 per cent of UK exports. The United Kingdom was Thailand’s 22nd largest trading partner in 2021 accounting for 1 per cent of total Thai trade. The United Kingdom was the 25th largest importer to Thailand accounting for 0.8 per cent of Thai imports and the 19th largest export market, accounting for 1.3 per cent of Thai exports.