The UK has agreed a significant trade pact with the second biggest economy in Southeast Asia in a move designed to create opportunities for UK businesses and to boost trade and investment.
Signed by Trade Minister Douglas Alexander on a visit to Bangkok, the Enhanced Trade Partnership (ETP) will be expected to see an increase in trade between the two countries, which is already worth £5.9 billion a year.
Mr Alexander noted that 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. It follows, he pointed out, a string of changes which have made it easier for UK companies to sell to the Thai market.
This includes an agreement on vehicle emissions testing which could save UK car manufacturers millions of pounds as Thailand has accepted UK testing standards and waived the need for cars to be re-tested at Thai standards.
A similar agreement is now being advanced for British motorbike manufacturers.
It should also be much simpler for Thai companies to import UK food and drink — from chocolate and cheese to soft drinks and frozen foods — as they can now submit conformity documentation by email instead of the time-consuming process of getting paperwork physically stamped by the British Embassy.
