Thailand and Economic Partnership Agreement Negotiations Begin: "Full-Scale Expansion of the Global South Belt"

The government has launched an Economic Partnership Agreement (EPA) with Thailand, the second-largest economy in ASEAN, marking the full-scale expansion of the global South Belt centered on key ASEAN countries.

The Ministry of Trade, Industry and Energy announced that Noh Geon-gi, Director-General for Trade Negotiations, and Phuttham Wetchayachai, Deputy Prime Minister and Minister of Commerce of Thailand, officially declared the commencement of the Korea-Thailand EPA in Bangkok on the 28th.

Through the EPA, both countries agreed to achieve a higher level of market opening for goods and services compared to the Regional Comprehensive Economic Partnership (RCEP), and to pursue negotiations in mutually interested areas such as economic cooperation, digital economy, and government procurement.

Once the Korea-Thailand EPA is concluded, the Ministry expects that it will establish a future-oriented strategic trade relationship between the two countries by increasing exports of key Korean items such as automobiles, electric vehicles, and auto parts; creating new service market entry opportunities in construction, audiovisual, and manufacturing sectors; spreading the Korean Wave in ASEAN through the adoption of digital norms; and strengthening economic cooperation in various fields including supply chains, bio industries, and clean economy.

Prior to this declaration of the start of negotiations, both countries recently completed all necessary procedures, including domestic consultations, required to commence negotiations. They plan to conduct preliminary consultations by sector until the first half of this year and hold the first round of negotiations as soon as possible.

Director-General Noh said, "Last year, we expanded our economic territory further by concluding five trade agreements, the largest number ever, including the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) and the accession to the Korea-Central America FTA with Guatemala. This year, starting with Thailand and Malaysia, we plan to actively pursue trade agreements with global South countries of strategic value, such as those rich in critical minerals and resources in Africa."

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