South Korea's Ministry of Trade, Industry and Energy (MOTIE) on Wednesday 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 South Korea expand its exports while advancing bilateral cooperation in the supply chain, biotechnology, and green economy as well