South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement (EPA) aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mutually beneficial trade network with partner nations beyond simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement. Seoul and Bangkok declared the launch of negotiations in March. "Although South Korea already holds trade agreements with Thailand under the South Korea-ASEAN FTA and the RCEP, there is still room for improvement in terms of bilateral trade and economic cooperation," Roh said. He was referring to the Regional Comprehensive Economic Partnersh ip, one of the world's biggest free trade agreements, with its 15 member nations accounting for around 30 percent of the global gross domestic product. "The EPA between South Korea and Thailand, tailored specifically for the two countries, will build policy grounds to advance the bilateral economic cooperation to another level," the deputy minister added. The two countries will discuss promoting exchanges in a wide array of areas, including goods, services and investment, as well as the digital and government procurement sectors, the ministry said. "Thailand is the second-largest economy in Southeast Asia and the manufacturing hub of the region," the ministry said in a statement. "An EPA between South Korea and Thailand will bolster the competitiveness of South Korean goods and service exports compared to those from other rivals, such as Japan and China." Source: Yonhap News Agency
Search
Recent News
- Central Pattana invests 15,000 million baht to build new mixed-use projects in the South and transform mixed-use projects in key areas
- “Chulaphan” promotes “1 Community, 1 Excise Department Champion”
- Thai stocks closed this morning down 16.88 points.
- Thai stocks closed down 12.62 points.
- EGCO Group reiterates that this year there will definitely be new projects that will close deals.
- PEA 64th Anniversary ‘Smart Electricity for Sustainable Quality of Life’
- Moving forward with a plan to renovate 29 smart passenger ports on the Chao Phraya River
- “Ekanat” entered the Ministry of Industry on the first day, wrote a motto to remind people to “Do it now, do it every second, don’t give up until you succeed.”
- “Pichai” enters the Ministry of Commerce on the first day, leading the Deputy Minister to pay homage to sacred objects
- GSB kicks off 50,000 rai of forest planting in Loei Province