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Trade chiefs of Korea and Thailand discuss wider cooperation in trade, investment and new industries 2023-11-21

Minister for Trade Dukgeun Ahn met Thai Trade Representative Nalinee Taveesin on November 18 in Seoul to discuss follow-up measures to the summit meeting held on the occasion of the United Nations General Assembly in September.

Thailand is the second largest economy in ASEAN and the Korea-Thailand economic cooperation is continuing to expand, with bilateral trade reaching unprecedented highs in 2022. This year marks the two countries’ 65th anniversary of the establishment of diplomatic relations.

During the talks, both sides shared the same view on pushing forward cooperation in new industries and green economy, as well as increasing trade and investment in accordance with the Korea-Thailand joint action plan spanning 2022-2027.

As a specific implementation measure for upgrading the two countries’ cooperation, the Korean trade chief suggested that: the two countries promptly commence negotiations for an Economic Partnership Agreement (EPA) to establish the base for trade and investment expansion; resume the ministerial-level Joint Trade Commission to expand high-level exchanges; and that Thailand also participate in the initiative of the Carbon Free (CF) Alliance for achieving net zero through a more proactive utilization of clean energy sources like nuclear power and hydrogen.

Thai Trade Representative Taveesin remarked that the new Thai government also looks forward to broader collaboration with Korea in areas like new industries and green energy.

Trade Minister Ahn asked for the Thai government’s active interest in facilitating the business and investment environment for Korean firms operating locally in Thailand, and requested support for World Expo 2030 Busan.