Seoul: South Korea and Thailand are set to commence their seventh round of negotiations for a comprehensive economic partnership agreement (CEPA) on Monday. This initiative aims to enhance bilateral ties amid global trade uncertainties, as announced by Seoul's industry ministry.
According to Yonhap News Agency, the discussions will span five days in Seoul, as confirmed by the Ministry of Trade, Industry and Energy. Initially, the two nations aimed to establish a bilateral economic partnership agreement (EPA). However, in August, they opted to negotiate a broader CEPA. This agreement encompasses economic partnership agendas, including supply chain management, collaboration for small and medium-sized enterprises, tourism, and environmental issues.
The focus of this week's talks will be progress in seven key sectors: goods, services, investment, and the digital economy. South Korea is keen on strengthening its economic ties with Thailand, ASEAN's second-largest economy, to diversify its trade destinations in response to the recent surge in global trade protectionism.
Roh Keon-ki, deputy minister for trade negotiations at the ministry, emphasized that the South Korea-Thailand CEPA will not only promote market opening between the two countries but also establish an institutional foundation for bilateral cooperation in various fields.