UK-Thailand trade deal is a win for Scotch whisky

Published Sep 26, 2024

Tridge summary

Thailand and the UK have signed a trade deal to boost trade and investment, with Scotland's Scotch industry set to benefit. The deal will simplify the process for Thai companies to import UK food and drink, potentially generating £40m-£70m over five years. Thailand, with its rapidly growing economy and middle class, presents a significant opportunity for UK businesses. Debra Crew, CEO of Diageo, welcomes the deal as a step towards removing trade barriers for Scotch whisky. The UK is also in discussions with India, a major market for Scotch whisky, to resolve tariff issues.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Thailand has signed a trade deal with the UK designed to boost trade and investment between the two nations and open the country up to British businesses, and Scotch is set to benefit. UK trade minister Douglas Alexander has signed the pact alongside Thai commerce minister Pichai Naripthaphan in Bangkok on 18 September. The UK and Thailand also recently also made it much simpler for Thai companies to import UK food and drink. Businesses can now submit conformity documentation by email instead of the time-consuming process of getting paperwork physically stamped by the British Embassy. Removing this barrier will be worth around £40m-£70m to UK businesses over five years, the UK government has said. Thailand is the second-biggest economy in Southeast Asia and trade between the UK and Thailand is already worth £5.9 billion a year. 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 ...

Source: Thedrinkbusiness