A Thai woman shops for soju at a superstore in the Samsen area of Bangkok. /Courtesy of Hite Jinro

The first official negotiations aimed at signing an Economic Partnership Agreement (EPA) between South Korea and Thailand are taking place in Bangkok from July 9 to 11, spanning two nights and three days. The EPA, similar to a free trade agreement (FTA), underscores cooperation for mutual prosperity, including elements such as tariff removal and market access.

According to the Ministry of Trade, Industry, and Energy, both countries announced the commencement of EPA negotiations in March. Since then, preliminary tasks such as drafting the agreement text and coordinating among relevant departments have been carried out.

In this initial round of negotiations, the focus will be on understanding each side’s stance on specific agreement clauses, assessing key issues, and formulating response strategies.

Thailand is recognized as the second-largest economy in ASEAN and a leading manufacturing hub in the region. There are high expectations that the EPA will enhance the competitiveness of South Korean products and services vis-à-vis competitors like China and Japan, potentially opening doors for Korean small and medium-sized enterprises to expand into the ASEAN market.

Deputy Minister for FTA Negotiations Roh Keon-ki, Seoul’s lead negotiator, said, “While South Korea and Thailand have already forged trade agreements such as the Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership (RCEP),” adding, “There remains significant potential for enhancing bilateral trade and economic cooperation. The Korea-Thailand EPA, tailored to meet the specific needs of both countries, will serve as a foundational framework to advance economic collaboration between them.”