BANGKOK — South Korea and Thailand commenced the first round of discussions this Tuesday to forge an Economic Partnership Agreement (EPA), which aims to enhance bilateral trade and investment relations. These initial negotiations, led by South Korea's Deputy Minister for FTA Negotiations Roh Keon-ki and his Thai counterpart Chotima Iemsawasdikul, are set to continue through Thursday in Bangkok.
According to Yonhap News Agency, Industry and Energy, the EPA seeks to establish a comprehensive trade network that extends beyond mere market access, focusing on a narrower range of areas than traditional free trade agreements (FTAs). The talks follow the official announcement in March that both nations would pursue this agreement, seeking to deepen economic ties despite already being part of the broader South Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership (RCEP).
Deputy Minister Roh emphasized the potential for enhanced bilateral cooperation, noting, "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." He highlighted the strategic importance of a tailored EPA, which could provide a more focused framework for advancing South Korea's economic interests alongside Thailand, the second-largest economy in Southeast Asia and a key manufacturing hub in the region.
The negotiations are expected to cover a wide array of sectors including goods, services, investment, digital technology, and government procurement, aiming to promote exchanges that would bolster the competitiveness of South Korean exports in comparison to regional rivals like Japan and China.