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Brexit to have no impact on Thailand, but senior official urges FTA talks with UK

  • Dec 21, 2020
The Fiscal Policy Office (FPO) believes Brexit is unlikely to have much impact on the Thai economy, as the value of trade, investment and tourism between the two countries is not high.

Pisit Puapan, FPO director of Macroeconomic Policy Bureau, said that last year the UK was ranked the 20th major export destination for Thai goods and services, accounting for only 1.6 per cent of Thailand’s total export. UK was the 12th largest investor in Thailand last year.

However, he added that Thailand should rush to hold trade talks with UK to foster trade ties after Brexit and seek ways to provide more convenience to traders between the two countries.

Thailand should also hold talks for a free trade agreement with the UK, he added.

The Federation of Thai Industries chairman, Suphant Mongkolsuthree, backed Pisit’s suggestion to initiate FTA talks with the UK and resume free-trade talks with the European Union (EU).

The Department of Trade Negotiations recently released a complete study on the pros and cons of Thailand resuming free-trade talks with the EU for Commerce Minister Jurin Laksanawisit to consider.

The Institute of Future Studies for Development has completed the study, which shows that if Thailand and 27 EU members, excluding UK, cancel all import tariffs, then in the long run Thailand’s gross domestic product will be boosted by 1.28 per cent and be worth Bt205 billion per year.

Source: https://www.nationthailand.com/business/30399871?utm_source=category&utm_medium=internal_referral