The UK and Thailand have agreed an Enhanced Trade Partnership to boost trade and investment between the two countries.
In an announcement confirming the deal, the UK Government noted that Thailand is the second-biggest economy in Southeast Asia, and that trade between the UK and Thailand is already worth £5.9 billion a year.
“The Thai economy is rapidly growing and its middle class is expected to more than double to almost 14 million by 2030, creating huge opportunities for UK businesses to tap into,” claims the UK Government.
The UK Government adds that the deal is designed to help 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 identifying 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.”
Surendra Rosha, Group Executive of the HSBC Group and Co-Chief Executive of HSBC Asia-Pacific, added:
“The growing trade and investment synergies between the United Kingdom and the Association of Southeast Asian Nations are drawing increased interest from the global investment community. As one of ASEAN’s largest international banks, with a footprint in the UK and six ASEAN member markets, HSBC is committed to supporting His Majesty’s Government in working with ASEAN governments to enhance economic integration and upgrade financial services.
Photo: Nik Cyclist from Bangkok, Thailand, CC BY 2.0, via Wikimedia Commons