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Korea and Thailand begin third round of talks on Economic Partnership Agreement

Published: 17 Dec. 2024, 09:58

The Ministry of Trade, Industry and Energy in Sejong [YONHAP]

Korea and Thailand kicked off their third round of talks Tuesday for an Economic Partnership Agreement (EPA) aimed at broadening trade and investment exchanges, Seoul's trade ministry said.

During the three-day meeting in Bangkok, the two sides will discuss ways to enhance bilateral ties in 18 sectors, including services, investment, finance and the environment, according to the Ministry of Trade, Industry and Energy.

An EPA aims to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope compared to a traditional FTA.

Thailand is Korea's 18th-largest trade partner and the fifth-largest among Southeast Asian nations.

"The government is currently engaging in trade negotiations proactively with key partners without disruptions," Deputy Minister for FTA Negotiations Roh Keon-ki said in a statement.

"South Korea will seek to speed up negotiations for an EPA with Thailand, a key member of the Association of Southeast Asian Nations, to expand trade and investment exchanges with the region and help South Korean firms enter markets with strong domestic consumption and growth potential," he added.

Yonhap