Thailand and South Korea Pursue New Economic Partnership
Negotiations set to expand trade, services, and investment through a new Free Trade Agreement
In a renewed effort to enhance economic collaboration, Thailand and South Korea are set to negotiate a Free Trade Agreement (FTA) aimed at boosting bilateral trade, services, and investment.
This initiative was announced by Thailand's Commerce Minister Pichai Naripthaphan following a meeting with Park Yongmin, the South Korean Ambassador to Thailand, held at the ministry's headquarters.
The proposed agreement, which will be called the Thailand-South Korea Economic Partnership Agreement (EPA), seeks to extend trade in goods, services, and investment, building upon existing accords.
Thailand and South Korea have previously signed the ASEAN-South Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement.
The new EPA aims to broaden this foundation by promoting cooperation in emerging sectors such as digital trade and supply chains.
Minister Pichai highlighted the significance of opening South Korean markets to Thailand's high-quality agricultural products, including tropical fruits like mangoes, mangosteens, and pineapples, alongside seafood such as shrimp and chicken.
Further negotiations are scheduled in the coming days, with Thailand ready to host the third round of talks from December 17 to 19.
In a move that marks a revival of historical cooperation, both nations have agreed to reinstate the ministerial-level Joint Trade Committee (JTC) meeting, dormant for over two decades.
The JTC is expected to function as a vital platform to promote trade, enhance investment opportunities, and address any hurdles to economic collaboration.
Thailand has expressed its readiness to host the JTC meeting in early 2025.
South Korea ranks as the sixth-largest investor in Thailand, as highlighted by Minister Pichai, who revealed that a major South Korean company plans to invest approximately $30 million in electric vehicle and battery production within Thailand.
Furthermore, the Thai government seeks to attract South Korean investment in other strategic industries, including semiconductors, printed circuit boards (PCBs), biotechnology, digital and artificial intelligence technology, data centers, robotics, and the creative content sector.
The ongoing discussions between Thailand and South Korea underscore a mutual commitment to strengthening economic ties and fostering greater collaboration to tap into the potential offered by both nations' markets and resources.
As the negotiation process advances, the focus remains on building a comprehensive framework that supports both countries' economic ambitions.
This initiative was announced by Thailand's Commerce Minister Pichai Naripthaphan following a meeting with Park Yongmin, the South Korean Ambassador to Thailand, held at the ministry's headquarters.
The proposed agreement, which will be called the Thailand-South Korea Economic Partnership Agreement (EPA), seeks to extend trade in goods, services, and investment, building upon existing accords.
Thailand and South Korea have previously signed the ASEAN-South Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement.
The new EPA aims to broaden this foundation by promoting cooperation in emerging sectors such as digital trade and supply chains.
Minister Pichai highlighted the significance of opening South Korean markets to Thailand's high-quality agricultural products, including tropical fruits like mangoes, mangosteens, and pineapples, alongside seafood such as shrimp and chicken.
Further negotiations are scheduled in the coming days, with Thailand ready to host the third round of talks from December 17 to 19.
In a move that marks a revival of historical cooperation, both nations have agreed to reinstate the ministerial-level Joint Trade Committee (JTC) meeting, dormant for over two decades.
The JTC is expected to function as a vital platform to promote trade, enhance investment opportunities, and address any hurdles to economic collaboration.
Thailand has expressed its readiness to host the JTC meeting in early 2025.
South Korea ranks as the sixth-largest investor in Thailand, as highlighted by Minister Pichai, who revealed that a major South Korean company plans to invest approximately $30 million in electric vehicle and battery production within Thailand.
Furthermore, the Thai government seeks to attract South Korean investment in other strategic industries, including semiconductors, printed circuit boards (PCBs), biotechnology, digital and artificial intelligence technology, data centers, robotics, and the creative content sector.
The ongoing discussions between Thailand and South Korea underscore a mutual commitment to strengthening economic ties and fostering greater collaboration to tap into the potential offered by both nations' markets and resources.
As the negotiation process advances, the focus remains on building a comprehensive framework that supports both countries' economic ambitions.
