S. Korea and Thailand Commence Fourth Round of Economic Partnership Negotiations

Seoul: South Korea and Thailand were set to kick off their fourth 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 scheduled to run for four days in Seoul.According to Yonhap News Agency, the Ministry of Trade, Industry and Energy stated that the two nations plan to focus on making progress in negotiations across 17 sectors that encompass goods, services, and economic cooperation. An EPA is designed to create a mutually beneficial trade network between partner countries beyond a simple market opening, though it covers a smaller scope compared with a traditional free trade agreement.Roh Keon-ki, deputy minister for trade negotiations at the ministry, expressed the intent to "swiftly strike a very advanced-level EPA with Thailand, one of our major partners among the Association of Southeast Asian Nations (ASEAN) members." He h ighlighted the growing importance of new trade deals amid global trade uncertainties.