The Republic of Korea (RoK)’s Ministry of Trade, Industry and Energy (MOTIE) (Photo: MOTIE)Hanoi (VNA) – The Republic of Korea (RoK)’s Ministryof Trade, Industry and Energy (MOTIE) on March 27 announced that it has agreed with Thailand to kick off negotiations on acomprehensive economic partnership, as the North Asian country aims to expand its presencein the Southeast Asian region.
According to Yonhap News Agency, Deputy Minister for FTA Negotiations Roh Keon-ki met Thai CommerceMinister Phumtham Wechayachai in Bangkok to establish a "future-orientedrelationship" with the Southeast Asian nation through an EconomicPartnership Agreement (EPA).
Thetwo nations have committed to engaging in discussions aimed at achieving aheightened level of market openness in goods and services, in addition toareas such as economic cooperation, digital advancements, and governmentprocurement. They agreed to make preparations for negotiations bythe first half of this year and launch the first round of talks "at anearly date".
AnEPA is meant to establish a mutually beneficial trade network with partnernations beyond a simple market opening, though it covers a smaller scope ofareas compared with a traditional free trade agreement.
Theenvisioned EPA will help the RoK expand its exports while advancing bilateralcooperation in the supply chain, biotechnology, and green economy as well./.
