New UK govt eyes expanded trade
The United Kingdom’s new government intends to pursue further trade with Thailand and Southeast Asia as a whole in addition to broadening connections in other areas including digital technology, healthcare and clean energy.
Rhiannon Harries, UK Deputy Trade Commissioner for Southeast Asia, was in Bangkok from Aug 5-7 to hold discussions with government officials, members of the business sector and UK entrepreneurs in Thailand about UK-Thai trade relations.
She also gave a speech at Techsauce Global Summit 2024 on Aug 7 at the Queen Sirikit National Convention Center.
In an interview with the Bangkok Post at the British Embassy in Bangkok, Ms Harries said the primary goal of British government policies is to expand the country’s economy.
In light of this, she said, it is critical that the United Kingdom look to collaborate with nations with rapidly expanding economies, such as those in Southeast Asia.
The UK government hinted at such a collaboration during the recent Asean Foreign Ministerial Meetings in Laos, she said.
According to the British embassy, the UK-Thailand bilateral trade relationship is worth about £6 billion (about 268 billion baht) annually, with the UK exporting £2.5 billion worth of goods and services such as cars and financial services.
The UK-Thailand Joint Economic and Trade Committee was formed as part of a commitment to deepen trade and address barriers affecting business activities in both countries, Ms Harries said.
“We have already seen the strong signal [in seeking partnership with Southeast Asian countries] with David Lammy, the new UK Foreign Secretary, participating in the Asean Foreign Ministerial Meeting in Vientiane,” Ms Harries said.
“So that is the strong sign of the continued partnership with region and Thailand.”
She suggested that digital tech, healthcare and life sciences, and clean energy could be new areas in which Thailand and the UK can work together.
The United Kingdom is home to four of the top 10 universities in the world and over 160 unicorn enterprises, with a combined valuation of over US$1 trillion (about 34.5 trillion baht), she said.
The tech companies in the UK raised more than $21 billion last year, she added.
She said Thailand’s digital economy surpassed $36 billion in gross merchandise value last year, the second largest in Asean, and Thailand is thriving to be a leading hub in the region.
Source: Bangkok post
