webfact Posted April 18, 2019 Share Posted April 18, 2019 Trade, investment dividend sought from Brexit By THE NATION TRADE officials spy opportunities from the likelihood of more flexible regulations in Britain after it leaves the European Union. The prospect of eased trade and investment regulations in Europe’s second-biggest economy, they say, would provide a boost to Thai exporters and investors who are eyeing the key market. The Department of Trade Negotiations (DTN), under the Commerce Ministry, plans to push for negotiations on an amendment of the tariff quota on Thai goods that are exported to the European Union and the United Kingdom, after it completes it exit from the bloc. The DTN will keep a close eye on developments concerning Brexit and prepare Thailand for the new trading and investment landscape after the historic break-up. Last week, the EU granted the UK a six-month extension to its departure date, pushing the process back to as late as October 31, said Auramon Supthaweethum, director-general of the DTN. The uncertainties swirling around Brexit have led to short-term impacts on Thailand, such as those related to the weakening of the British pound, making Thai exports to the UK less competitive, Auramon said. However, Thailand may not be hurt in the long run. On the contrary, Thailand may see benefits from Brexit, as the UK’s regulations on trade and investment may become more flexible, Auramon said. For example, the UK announced it would stop enforcing the anti-dumping tax on four categories of Thai exports: sweet corn, fibreglass, hand pallet trucks, and steel pipe joints, she said. The UK is Thailand’s 20th largest trading partner with a total trade value of US$7 billion in 2018. Of that amount, Thailand exported some $4 billion worth of goods while importing $2.9 billion. Trade with Britain accounts for 1.4 per cent of Thailand’s total trade value with the world. The Commerce Ministry is in negotiations with the UK and the EU to amend the tax quota for Thai goods entering these markets after Brexit. The quota affects exports such as rice, canned fish, and cassava. “Our primary goal is preserving the interest of Thailand to receive the post-Brexit total quota (the UK and the EU combined) of no less than the original quota. The Ministry is also preparing a feasibility study on a potential Thailand-UK free-trade agreement in the future,” Auramon said. Full story: http://www.nationmultimedia.com/detail/Economy/30367922 -- © Copyright The Nation 2019-04-19 Link to comment Share on other sites More sharing options...
smedly Posted April 18, 2019 Share Posted April 18, 2019 it is a two way thing so yes spy away but it has to work in both directions Link to comment Share on other sites More sharing options...
ukrules Posted April 18, 2019 Share Posted April 18, 2019 Once we're free from the EU human rights laws I'm going to lobby my MP back home for some reciprocity regarding the rights of foreigners who live in the UK. Simple things like limiting the number of Thais who can have citizenship to 100 per year, land ownership by foreigners who's countries don't allow British citizens to own land in their home country, that kind of thing. Link to comment Share on other sites More sharing options...
Cadbury Posted April 18, 2019 Share Posted April 18, 2019 2 hours ago, webfact said: TRADE officials spy opportunities from the likelihood of more flexible regulations in Britain after it leaves the European Union. Should read: "TRADE officials dream of opportunities.......after Britain leaves the EU". Better described as clutching at very short trade straws. Britain would have more sense than to do an FTA with a military junta government where the leader has an Article 44 which overrides any such agreement when and if convenient. Link to comment Share on other sites More sharing options...
Srikcir Posted April 19, 2019 Share Posted April 19, 2019 5 hours ago, smedly said: it is a two way thing so yes spy away but it has to work in both directions After Brexit it may actually be a three-way thing. The UK and EU will become trade competitors. Therefore, it's likely that any trade negotiations between Thailand and the UK will be affected and possibly constrained by existing trade agreements between Thailand and the EU. And if the US were to get a trade deal with the UK prior to one between Thailand and the UK, for Thailand it might become a four-way thing. POTUS Trump favors political clauses in trade deals that might affect a Thailand-UK trade deal. For example, in the UMCA trade deals both Canada and Mexico are required to notify the US and receive approval for their prospective trade deals with China. There has been speculation that the US may want similar trade conditions with the UK. With Thailand in China's economic backyard ...? Link to comment Share on other sites More sharing options...
Baerboxer Posted April 19, 2019 Share Posted April 19, 2019 10 hours ago, Cadbury said: Should read: "TRADE officials dream of opportunities.......after Britain leaves the EU". Better described as clutching at very short trade straws. Britain would have more sense than to do an FTA with a military junta government where the leader has an Article 44 which overrides any such agreement when and if convenient. Hasn't stopped considerable investment and talks between various EU countries and Thailand so far; or foreign businesses. Reality isn't your imagination! Link to comment Share on other sites More sharing options...
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