PUBLISHED: December 15, 2024 at 08:01
Thailand’s Trade Minister Pichai Naripthaphan
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 spoke after discussing the economic partnership talks with Park Yongmin, South Korea’s ambassador to Thailand, at the ministry’s headquarters on Wednesday.
He said the free trade agreement will be named the Thailand-South Korea Economic Partnership Agreement (EPA).
This agreement aims to further expand the markets for trade in goods, services and investments.
It will build on the agreements that Thailand and South Korea have signed in the past, namely the 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 commerce 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 such as 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 of the Thailand-South Korea EPA from December 17-19.
Thailand and South Korea have also agreed to revive the Joint Trade Committee (JTC) meeting at the ministerial level, 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 plans to invest in the production of electric vehicles and batteries here, with an investment of US$30 million (about 1 billion baht).
The government is also keen to attract South Korean investors to other key industries, such as semiconductors, printed circuit boards (PCBs), medicine and biotechnology, digital and artificial intelligence, data centers, robotics and creative and content industries, he said.
