South Korean and Thai governments declared the launch of negotiations for the Economic Partnership Agreement (EPA) on Thursday.
South Korea’s Ministry of Trade, Industry and Energy’s Deputy Minister Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on Mar. 28 in Bangkok.
The two countries agreed to push for negotiations in areas of mutual interest, including economic cooperation, digital, and government procurement, and attain a high level of market access to goods and services through the EPA.
The level of this bilateral EPA will be higher than the Regional Comprehensive Economic Partnership (RCEP).
According to the South Korean government, the South Korea-Thailand EPA is anticipated to: increase bilateral trade in automobiles, EVs, and car parts; create opportunities in construction, manufacturing, and visual and auditory service markets; strengthen economic cooperation in supply chains, bio, and clean economy; and build forward-looking strategic trade relations between the two countries.
The agreement will create new market opportunities in the ASEAN region to facilitate the spread of Korean culture and foster deeper cooperation in crucial fields like supply chains, biotechnology, and the clean economy, the official of the South Korean government explained.
The two countries have completed all required procedures for launching negotiations and plan to hold the first official negotiating round in the near future once prior consultations make headway in the first half of this year.