The 4th round of official negotiations for the signing of the Economic Partnership Agreement (EPA) between South Korea and Thailand will be held in Seoul from the 4th to the 7th of this month. The Economic Partnership Agreement is a trade agreement that includes elements of market opening such as the elimination of tariffs, similar to a Free Trade Agreement (FTA), while emphasizing cooperative elements aimed at mutual prosperity with the counterparty.
According to the Ministry of Trade, Industry and Energy on the 4th, the Chief Negotiators will be Noh Geon-gi, Director-General for Trade Negotiations, and Chotima Iemsawasdikul, Director of the Trade Negotiation Department of the Ministry of Commerce of Thailand, leading their respective negotiation teams. Approximately 50 government representatives from Thailand's Ministry of Commerce, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Agriculture and Rural Development, and Ministry of Natural Resources visited South Korea for this purpose.
Since declaring the commencement of EPA negotiations in March of last year, the two countries have conducted three official negotiations in July, September, and December of last year. They have been engaging in extensive discussions to establish a higher-level agreement than the Korea-ASEAN Free Trade Agreement (FTA) or the Regional Comprehensive Economic Partnership (RCEP).
The South Korean government will conduct negotiations in a total of 17 areas including goods, services, digital, government procurement, and economic cooperation during the 4th round of official negotiations. Plans to expand cooperation in areas of mutual interest such as economy, digital, and sustainable development will also be a key focus of discussion.
Noh Geon-gi, Director-General for Trade Negotiations, said, “The global trade environment is rapidly changing, increasing uncertainty in our economy,” and added, “The establishment of new trade agreements with promising markets like Thailand is more important than ever.” He continued, “We will swiftly promote high-level comprehensive Economic Partnership Agreement negotiations based on mutual benefits with Thailand, a major partner in the ASEAN region.”