Nonthaburi, Thai Commerce Minister joins hands with South Korea. Ready to move forward with an economic partnership agreement Pulling the chain of high-tech products Push more Thai agricultural products into Korea. Confident that it will definitely increase the value of trade and investment between us. and openly study clean energy among each other as well.
Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, witnessed the signing of the Thailand – Republic of Korea Economic Partnership Agreement. Ready to order to begin negotiations between each other as soon as possible. The goal is to complete negotiations by 2025 or early 2026, pushing to further open the market for Thai products and services to the Republic of Korea. At the signing ceremony of the scope document (TOR) for the negotiation of the Economic Partnership Agreement (EPA), Thailand-Republic of Korea. Between Miss Chotima Iamsawatdikul, Director-General of the Department of International Trade Negotiations, and Mr. Konki Roh
, Deputy Minister for Trade Negotiation of the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea. This marks the official start of FTA negotiations between Thailand and the Republic of Korea. using the name “Thailand-Republic of Korea Economic Partnership Agreement”, with the two sides expected to begin the first round of negotiations by mid-2024 and aiming to complete negotiations by the end of 2025 or early 2026.
However, the preparation of the Thailand-Republic of Korea EPA Agreement It is one of the government’s policies that wants to speed up the preparation of Thailand’s free trade agreements. By preparing this FTA It will be an extension of the FTAs ??that Thailand and the Republic of Korea are parties to, namely the ASEAN-Republic of Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership (RCEP). Increase Thailand’s competitiveness It will also help attract more investment from the Republic of Korea into Thailand, such as electric vehicles and part
s and information technology. In addition, it hopes to strengthen the development of new cooperation in which Thailand and the Republic of Korea have common interests. together, such as strengthening the production supply chain and cooperation in the digital economy. It is expected that products in Thailand will benefit from the Thailand-Republic of Korea EPA Agreement, such as meat and fishery products (such as frozen and processed chicken meat Frozen and processed seafood), tropical fruits (such as mangoes, guava and mangosteen), other food products (such as flour, sauces and condiments), wood products (such as processed lumber, particleboard plywood) and chemicals
Meanwhile, service branches in Thailand are expected to benefit from the opening of the Republic of Korea’s service trade market, such as business services. transportation services, warehousing, and hotel and restaurant services. In addition, it has been informed from the Korean side that On the same day, the Ministry of MOTIE held an event to a
nnounce the new trade policy strategy of the Republic of Korea. By creating free trade agreements with key negotiating countries. Including Thailand which is one of the potential target countries of the Republic of Korea.
‘Korea has invested tens of billions in our country, such as Samsung electrical appliances, KIA cars, and electronic equipment. He was interested in opening the market with us. which we welcome Technology will be developed together to allow us to be more self-reliant. And Thai farmers are interested in expanding the market to Korea, such as mangosteen and mango. We also have sources for producing foods that are in demand such as frozen chicken and frozen seafood. The Ministry of Commerce will try to make our products export as much as possible. It will be mutually beneficial,’ Mr. Phumtham said.
In 2023, the Republic of Korea was Thailand’s 12th largest trading partner, with a trade value of US$14,736.86 million. Thailand exported 6,070.44 million US dollars to the Republic of Korea. Impor
tant export products include refined oil, rubber products, sugar, electrical circuit boards, and aluminum products. and Thailand imported from the Republic of Korea 8,666.42 million US dollars. Important imported products include iron, steel and products, electrical circuit boards, chemicals, and machinery and components.
Source: Thai News Agency
