Bangkok Post – Thailand, South Korea team up to negotiate trade deal, says Pichai

Thailand And South Korea are ready to negotiate a free trade agreement (FTA) to boost bilateral trade, services and investments, Commerce Minister Pichai Naripthaphan said on Saturday.

Mr Pichai was speaking on Wednesday after discussing economic partnership negotiations with Park Yongmin, South Korea’s ambassador to Thailand, at the ministry’s headquarters.

He said the FTA would be called the Thailand-South Korea Economic Partnership Agreement (EPA).

This agreement aims to further expand markets for trade in goods, services and investments.

It will build on the agreements that Thailand and South Korea have previously signed, namely the Association of Southeast Asian Nations (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 trade 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 the two sides expand their ties.

He said Thailand was ready to host the third round of negotiations for the Thailand-South Korea EPA from December 17 to 19.

Thailand and South Korea also agreed to restart the Joint Trade Committee (JTC) ministerial meeting, which has been dormant for more than 20 years.

Mr Pichai said the JTC would serve as a platform to promote trade and investment and remove obstacles to economic cooperation between countries.

He said 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 electric vehicle and battery production here, with an investment of US$30 million (about 1 billion baht).

The government also wants to attract South Korean investors to other key sectors, such as semiconductors, printed circuit boards (PCBs), medicine and biotechnology, digital and artificial intelligence technologies, data centers , robotics and the creative and content industries, he said.