Thailand eyes to hold FTA talks with Britain

BANGKOK, January 18 (TNA) - The Thai government, through the Ministry of Commerce, is closely following up political updates in Britain and exploring ways to maintain or expand trade and investment between Bangkok and London, including seeking to hold talks on a free trade agreement (FTA) with Britain after the long time European trading partner leaves the European Union (EU), known as Brexit. Auramon Supthaweethum, Director-General of the ministry's Department of Trade Negotiations, told journalists of the policy on Friday in response to latest media reports that British Prime Minister Theresa May will propose a new Brexit deal to the British Parliament for its deliberation by January 21, after she narrowly won the confidence vote on January 16 but she needs to table a new Brexit deal following the rejection of the previous deal by the majority of British lawmakers a day earlier. "For the new deal May will soon propose for the British Parliament's deliberation and approval, Britain would opt to leave the EU without any agreement, or organize a new referendum to seek majority voters' decision, or ask for renegotiations with the EU on a revised Brexit agreement, including extending the Brexit date from March 29, 2019 as earlier announced. So, my department is closely following up updates in Britain for taking appropriate actions accordingly", Auramon said. Auramon noted that her department plans, among others, to hold talks on a Britain-Thailand FTA to maintain the market shares of Thai exports of products granted the imported quota with reduced tariffs in both the EU and Britain, including rice, tapioca and frozen poultry, after the Brexit takes effect. Auramon explained that based on the existing Brexit agreement between Britain and the EU, concluded on November 24, 2018, London will have a 21-month transitional period towards its full Brexit status, from March 30, 2019 to December 31, 2020, if the Brexit takes effect on March 29, 2019, the same period of which provides opportunities for Thailand to take appropriate moves for the sake of the least negative impact on the Thai economy due to the Brexit. According to the senior official, her department also plans to invite British business firms to expand their investment into Thailand, especially to the government-supported Eastern Economic Corridor (EEC) Project, as Britain is known to specialize in such sophisticated sectors as the aviation, the logistics, the digital and the advanced auto industries. Besides, Thailand will propose to be a regional production hub of British firms whose relocations to the Thai economy will also lead to the transfer of innovative technologies to the Thai Kingdom and the further upgrade of Thai industrial standards. The senior official stated that Britain is now Thailand's 18th trading partner on the world market but 2nd in the EU bloc, with bilateral trade between the Thai and the British economies in 2017 standing at about 7 billion US dollars, or about 1.53 per cent of the Thai Kingdom's total external trade in the same year. (TNA)