Thailand and South Korea to Finalize Economic Partnership Agreement
Agreement expected to be signed at the 36th APEC Summit, expanding market reach and collaborations
Thailand and South Korea are set to conclude an economic partnership agreement aimed at boosting trade and investment.
This was announced by Pichai, who spoke to the media after discussions with South Korean Trade Minister Jeong In-kyo during the APEC Economic Leaders’ meeting in Lima, Peru.
The agreement is slated to be signed during the 36th APEC Summit, which will be hosted by South Korea next year.
The Thailand-South Korea Economic Partnership Agreement (EPA) seeks to build upon existing pacts such as the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership (RCEP).
The new agreement aims to enhance markets for goods, services, and investments, specifically targeting digital trade and supply chain collaboration.
Thailand has also requested South Korea to open its market to high-quality agricultural products including mangos, mangosteens, pineapples, fresh and processed shrimps, and chicken.
Concurrently, Thailand is encouraging South Korean investments in its target industries like electric vehicles, semiconductors, digital, and creative sectors.
In addition, both nations are looking to resume the Joint Trade Committee ministerial meeting to tackle challenges and further facilitate trade.
Thailand has expressed readiness to host the meeting early next year.
South Korea was Thailand’s 12th-largest trade partner in 2023, with a trade value of $14.74 billion (516.29 billion baht).
In the first nine months of this year, the bilateral trade amounted to $11.47 billion (401.83 billion baht), comprising $4.55 billion (159.41 billion baht) in exports and $6.92 billion (242.45 billion baht) in imports.
This was announced by Pichai, who spoke to the media after discussions with South Korean Trade Minister Jeong In-kyo during the APEC Economic Leaders’ meeting in Lima, Peru.
The agreement is slated to be signed during the 36th APEC Summit, which will be hosted by South Korea next year.
The Thailand-South Korea Economic Partnership Agreement (EPA) seeks to build upon existing pacts such as the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership (RCEP).
The new agreement aims to enhance markets for goods, services, and investments, specifically targeting digital trade and supply chain collaboration.
Thailand has also requested South Korea to open its market to high-quality agricultural products including mangos, mangosteens, pineapples, fresh and processed shrimps, and chicken.
Concurrently, Thailand is encouraging South Korean investments in its target industries like electric vehicles, semiconductors, digital, and creative sectors.
In addition, both nations are looking to resume the Joint Trade Committee ministerial meeting to tackle challenges and further facilitate trade.
Thailand has expressed readiness to host the meeting early next year.
South Korea was Thailand’s 12th-largest trade partner in 2023, with a trade value of $14.74 billion (516.29 billion baht).
In the first nine months of this year, the bilateral trade amounted to $11.47 billion (401.83 billion baht), comprising $4.55 billion (159.41 billion baht) in exports and $6.92 billion (242.45 billion baht) in imports.
