Bangkok, Thailand— Thailand and South Korea are on the verge of signing a significant economic partnership agreement (EPA) that is expected to enhance trade and investment between the two countries. This upcoming agreement, targeted for completion by the APEC summit next year, marks a strategic step in expanding the nations’ economic reach.

The agreement, according to Thai Commerce Minister Pichai Naripthaphan, will build upon existing trade frameworks like the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership (RCEP). In a meeting with South Korean Trade Minister Jeong In-kyo during the recent APEC gathering in Lima, Peru, Pichai emphasized the potential for deepening economic collaboration through avenues such as digital trade and supply chain partnerships.

Thailand has outlined its intentions to increase its agricultural exports to South Korea, with products such as mangos, mangosteens, pineapples, shrimp, and chicken identified as key commodities. Furthermore, Thailand is actively encouraging South Korean businesses to invest in its emerging sectors, including electric vehicles, biotechnology, and digital industries.

The countries also aim to resume the Joint Trade Committee ministerial meetings to address trade challenges and streamline bilateral investments. South Korea was Thailand’s 12th largest trade partner in 2023, with a trade volume totaling $14.74 billion. Trade between the two countries remains strong in 2024, reaching $11.47 billion in the first nine months alone.

As the two countries advance towards finalizing this EPA, experts anticipate that this partnership could unlock new opportunities for Thai and South Korean businesses alike, positioning both nations for strengthened economic influence in the region.