The UK has signed an enhanced trade pact with Thailand in an effort to boost British exports and drive investment.
Trade minister Douglas Alexander inked the enhanced trade partnership (ETP) agreement with Thai commerce minister Pichai Naripthaphan in Bangkok this morning (Wednesday).
It came during the Blair-era minister’s first visit to Asia after being re-elected and appointed to the business department in July.
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.”
He will later travel to Laos to attend the 56th Association of Southeast Asian Nations (ASEAN) economic ministers meeting to discuss trade and growth with regional partners.
The pact will help create further opportunities for UK firms to export to the continent, with Thailand the second-largest economy in southeast Asia, and the UK-Thai trade relationship already worth £5.9bn a year, officials said.
Boosting export sales in sectors such as automotive, tourism, investment, digital trade, financial services and education is key to the government’s growth mission, they added.
And it comes as emissions testing rules have changed, with the UK auto industry now expected to spend less on exporting vehicles to Thailand after the Asian nation accepted UK testing standards – an agreement now set to be expanded to British-made motorbikes.
Importing UK food and drink is now also simpler for Thai businesses who can submit documents via email rather than physically stamping them at the British Embassy.
Both countries also agreed to explore opportunities that could be delivered through a potential future free trade agreement (FTA) between the UK and Thailand.
Surendra Rosha, co-chief executive of HSBC Asia-Pacific, said: “The growing trade and investment synergies between the UK and the ASEAN are drawing increased interest from the global investment community.”