Thailand and the UK oppose a new bilateral free trade agreement to maintain economic relations after the recent British referendum, which could end britain`s exit from the European Union. After Prime Minister Boris Johnson`s historic victory in last week`s British elections, Thailand is considering the possibility of a free trade agreement with the UK, which is expected to pave the way for the upcoming adoption of the Brexit law. She also said the department will carefully review developments to see if they could create new business opportunities for Thailand, and international trade agencies will prepare accordingly. She said the department was holding a forum to discuss trade issues arising from Brexit on February 7 and 13. Companies that extend to the UK or Japanese market are protected from the confidentiality of trade secrets to the government or to the companies of the destination country. The CPTPP and the Japan-EU trade agreement prohibit states from requiring companies to provide source codes. Japan and the United Kingdom will go further by prohibiting the forced disclosure of artificial intelligence algorithms and encryption keys. The agreement reached in Singapore largely reflects a permanent agreement reached by the former British colony – which became independent in 1965 – with the European Union. She said the ministry had been closely monitoring the Brexit situation and prepared measures to support possible consequences. In particular, there will be negotiations with the EU and Britain on changing the WTO tariff quota scale for 31 products, including cassava, cassava flour, white rice, brown rice, broken rice, animal products, wing preserves, etc., for which Thailand has received EU quotas. It will have to allocate new quotas after the UK leaves the EU, with the priority of securing Thailand`s full quota.
Both the EU and Britain must allocate new quotas, which should not be lower than those enjoyed by Thailand when it was a member of the EU, and reflect the actual volume of trade between Thailand and the EU. The UK is Thailand`s 21st largest trading partner (second in the EU behind Germany), with a trade value of $6.26 billion in 2019. Thailand had a trade surplus of $1.426 billion. In this regard, trade between Thailand and England amounted to $6.260 billion in 2019, a decrease of 11.04 per cent from the same period last year, with Thai exports to the United Kingdom amounting to $3.843 billion. Major exports include processed chicken, cars and equipment, electrical circuits, gems and jewellery, motorcycles, etc. Thailand`s imports from the United Kingdom amounted to $2.417 billion. Major imports were machinery and components, electrical circuits, beverages, medical and pharmaceutical products, etc. Note that any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area. Japan-UK The agreement «ensures continuity for Japanese and British businesses, and it is hoped that bilateral trade and bilateral investment will grow below the high standards of the agreement,» Japanese Foreign Minister Toshimitsu Motegi said Friday after a cabinet meeting with reporters. The UK has long supported global market opening and strongly supports an ambitious agreement between Thailand and the EU, which is essential if we are to maximise the benefits of our trade and investment relations with both sides.
The People`s Republic of China has bilateral trade agreements with the blocs, countries and their two specific administrative regions: The ongoing negotiations on free trade agreements with a number of countries and trading blocs, including the EU, offer an excellent opportunity to make progress in resolving a number of these agreements