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The UK and Thailand put pen to paper yesterday (18th September 2024), on an Enhanced Trade Partnership, to boost trade and investment between the two countries.
The Enhanced Trade Partnership (ETP) sets out the UK and Thailand’s shared priorities for trade, investment and economic cooperation.
- UK seals ambitious Enhanced Trade Partnership (ETP) designed to boost trade and investment with Thailand
- The pact will help create opportunities for UK businesses in the country, which is the second-largest economy in Southeast Asia.
- The news comes as the UK auto industry prepares to save millions by exporting cars to Thailand after new rules regarding emissions testing.
Trade Minister Douglas Alexander signed the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok. This is his first visit to Asia since being appointed in July.
Trade between the UK and Thailand is already worth £5.9 billion a year, and the Thai economy is rapidly growing. Its middle class is expected to more than double to almost 14 million by 2030, creating huge opportunities for UK businesses to tap into.
The new partnership is designed to help the Government achieve its driving mission to grow the economy by boosting sales and investment in priority sectors such as automotive, tourism, investment, digital trade, financial services, education, and many more. The pact also commits both sides to identify opportunities that could be delivered through a potential future UK-Thailand Free Trade Agreement.
Following the signing, Minister of State for Trade Policy, Douglas Alexander said:
“Thailand’s growth is something the UK can and should be capitalising on.”
“This Partnership will bring our two countries closer together and help British businesses sell to Thailand, supporting jobs and growth around the country.”
If you are interested in exploring this topic further, you might find it worthwhile to consider the training courses and live clinics offered by Strong & Herd LLP:
Focus On: Understanding Free Trade Agreements
With the UK developing new independent trade arrangements both to encourage the export and import of goods and services from affiliated markets, this session is a must. Some knowledge of customs regulations is recommended or attendance on courses introducing this topic. This course looks at the structure of new and old UK international trade agreements, the key rules of origin and how to understand the whole agreement covering goods, services and other trade issues.
Understanding Origin & Preference
What is the difference between origin and preferential origin? This interactive workshop explains this by using case studies and exercises to help the learner understand when they are important in both export and import scenarios. It examines the documents and statements used to declare origin and preference and how to verify if your goods meet preference rules across different trade agreements. With HMRC audits increasing, you and the business need to be comfortable with this complex area.
Export Essentials: An Introduction to Exporting
Following on from the Beginners Guide to Exporting / Importing this interactive session covers the key points of exporting goods. It covers essential details about the Incoterms Rules, export documentation and working with freight forwarders to ensure goods are correctly declared. Ideal for anyone whose job has an export connection, whether sales, contracts, finance, shipping or for a managerial overview.
OneCall™ Email assistance as and when required; A one-call solution for all your import, export and customs enquiries. Export help. Import help. Customs help.
Stay informed about customs and international trade matters by subscribing to our OneCall™ service. This comprehensive offering includes a dedicated email helpline for support, timely practical updates direct to your inbox (Did You Know?), monthly UK Customs & Trade Briefings and access to an interactive members' area with an exclusive community for our subscribers.
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