Thailand, RoK agree to launch trade talks
Hanoi (VNA) – The Republic of Korea (RoK)’s Ministry of Trade, Industry and Energy (MOTIE) on March 27 announced that it has agreed with Thailand to kick off negotiations on a comprehensive economic partnership, as the North Asian country aims to expand its presence in the Southeast Asian region.
According to Yonhap News Agency, Deputy Minister for FTA Negotiations Roh Keon-ki met Thai Commerce
Minister Phumtham Wechayachai in Bangkok to establish a "future-oriented
relationship" with the Southeast Asian nation through an Economic
Partnership Agreement (EPA).
The
two nations have committed to engaging in discussions aimed at achieving a
heightened level of market openness in goods and services, in addition to
areas such as economic cooperation, digital advancements, and government
procurement. They agreed to make preparations for negotiations by
the first half of this year and launch the first round of talks "at an
early date".
An
EPA is meant to establish a mutually beneficial trade network with partner
nations beyond a simple market opening, though it covers a smaller scope of
areas compared with a traditional free trade agreement.
The
envisioned EPA will help the RoK expand its exports while advancing bilateral
cooperation in the supply chain, biotechnology, and green economy as well./.