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Thailand, South Korea teams to negotiate trade deal, says Pichai

Bangkok Post - 15 December 2024

Thailand, South Korea teams to negotiate trade deal, says Pichai

Thailand and South Korea are prepared to negotiate a free trade agreement (FTA) to boost bilateral trade, services, and investment, Commerce Minister Pichai Naripthaphan said on Saturday.

Mr Pichai was speaking after discussing the economic partnership negotiations with Park Yongmin, the South Korean Ambassador to Thailand, at the ministry headquarters on Wednesday.

He said the FTA will be named the Thailand-South Korea Economic Partnership Agreement (EPA).

This agreement aims to further expand markets for trade in goods, services, and investment.

It will build on the agreements that Thailand and South Korea have signed previously, namely the Association of Southeast Asian Nations (Asean)-South Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement.

"The EPA will help expand cooperation in new areas such as digital trade and supply chains," he said.

Mr Pichai also urged South Korea to consider opening its market to high-quality agricultural products from Thailand, including tropical fruits like mangoes, mangosteens, pineapples, as well as shrimp and chicken, as both sides further expand ties.

He said Thailand was ready to host the third round of negotiations for the Thailand-South Korea EPA from Dec 17-19.

Thailand and South Korea have also agreed to revive the ministerial-level Joint Trade Committee (JTC) meeting, which has been dormant for over 20 years.

Mr Pichai said the JTC will serve as a platform to promote trade and investment and address barriers to economic cooperation between the countries.

He indicated that Thailand is ready to host the JTC meeting in early 2025.

Mr Pichai said South Korea is the sixth largest investor in Thailand.

A major South Korean company is planning to invest in electric vehicle and battery production here, with an investment of US$30 million (approximately 1 billion baht).

The government is also keen to attract South Korean investors to other key industries, such as semiconductors, printed circuit boards (PCBs), medical and biotechnology, digital and artificial intelligence technology, data centres, robotics, and creative and content industries, he said.


 source: Bangkok Post