South Korea and Thailand are holding their fifth round of negotiations this week to finalize the Economic Partnership Agreement aimed at deepening bilateral trade and investment ties, Seoul's Trade Ministry said Tuesday.
Korea's Ministry of Trade, Industry and Energy said the talks will take place from Tuesday to Friday in Bangkok. The EPA is a form of trade pact similar to a free trade agreement, but it goes further by incorporating a broader cooperation framework in addition to tariff reduction and market liberalization.
Roh Keon-ki, deputy minister for trade negotiations at the Trade Ministry, is leading the Korean delegation, while his Thai counterpart, Chotima Iemsawasdikul, director general of the department of trade negotiations of the Ministry of Commerce of Thailand, will head the Thai delegation. About 90 representatives from both sides are taking part in the talks, Seoul's ministry said.
"The rapidly changing trade landscape, including US-led tariff actions, underscores the importance of bilateral agreements as a reliable safety net for Korean exports," Roh said. "We are committed to accelerating negotiations for a swift conclusion to the EPA with Thailand, a leading ASEAN (Southeast Asian) economy and a promising trade partner."
According to the ministry, the fifth round of talks will cover 13 key areas, such as goods, services, investment, intellectual property and sustainable development. Both sides aim to advance market access, harmonize trade rules and strengthen future-oriented cooperation, the ministry added.
Korea and Thailand first launched the EPA negotiations in March 2023. Since then, they have held four rounds of discussion to arrange a high-standard bilateral agreement that builds on existing regional frameworks, including the free trade agreement between Korea and the Association of Southeast Asian Nations and the Regional Comprehensive Economic Partnership.
During the Bangkok trip, Roh will also attend the Korea-Thailand RCEP Trade Forum and also host a roundtable meeting with major Korean companies operating in Thailand. Participants are expected to discuss improving the use of RCEP benefits and addressing challenges faced by local companies, including those related to US-led tariff measures, according to the ministry.
Over 100 Korean and Thai government officials and business representatives are expected to join the events, including Ekachat Seetavorarat, the deputy permanent commerce secretary. The business roundtable will include executives from key Korean firms in Thailand, including Hyundai Motor and Kia, Posco TCS, LG Electronics and Samsung Life Insurance.
By Jo He-rim (herim@heraldcorp.com)
