Thailand, S Korea hold 5th round of economic partnership negotiations
Thailand and South Korea were set to kick off their fifth round of negotiations for a bilateral economic partnership agreement (EPA), as the two sides seek to broaden their cooperation in trade and investment.
Goods stacked at a port in Bangkok, Thailand. Photo courtesy of AFP/VNA.
South Korea's Ministry of Trade, Industry and Energy said on Wednesday that the latest round of talks for the EPA is set to run for four days in Bangkok. The two sides plan to focus on making progress in 13 sectors that cover goods, services and investment, as well as sustainable development.
An EPA aims to establish a mutually beneficial trade network between partner nations beyond a simple market opening, though it covers a smaller scope compared with a traditional free trade agreement.
South Korea will work to swiftly strike an EPA with Thailand, the second-biggest economy among the Association of Southeast Asian Nations and a prominent market, to expand cooperation on a variety of economic issues, said Roh Keon-ki, Deputy Minister for trade negotiations at the ministry.
Bilateral trade agreements serve as a strong safety net for Korean exports amid the fast changing global trade environment with U.S. tariffs, he added.
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