Korea, Thailand set to hold 5th round of economic partnership negotiations
The logo of the Ministry of Trade, Industry and Energy / Newsis
Korea and Thailand were set to kick off their fifth round of negotiations for a bilateral economic partnership agreement (EPA) Tuesday, as the two sides seek to broaden their cooperation in trade and investment, Seoul's industry ministry said.
The latest round of talks for the EPA is set to run for four days in Bangkok, according to the Ministry of Trade, Industry and Energy.
The two sides plan to focus on making progress in 13 sectors that cover goods, services and investment, as well as sustainable development, it added.
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.
"We will work to swiftly strike an EPA with Thailand, the second-biggest economy among the Association of east Asian Nations (ASEAN) and a prominent market, to expand cooperation on a variety of economic issues," Roh Keon-ki, deputy minister for trade negotiations at the ministry, said.
"Bilateral trade agreements serve as a strong safety net for our exports amid the fast changing global trade environment with U.S. tariffs," he added.