Bangkok: The Ministry of Commerce is making strides towards finalizing the Thailand-South Korea Free Trade Agreement (FTA) by 2025. Suphajee Suthumpun, Minister of Commerce, highlighted the ongoing interest from various countries in engaging in bilateral discussions with Thailand's Prime Minister.
According to Thai News Agency, Ms. Suphajee emphasized the growing interest in Thailand as a pivotal player in global trade and investment. She noted that numerous countries are exploring trade partnerships with Thailand due to recent shifts in global supply chains. In response to this interest, Thailand is positioning itself as a food security hub to accommodate these discussions.
The Prime Minister's bilateral meeting with Canadian Prime Minister Mark Carney also touched upon potential free trade agreements within the ASEAN-Canada framework. Additionally, Ms. Suphajee mentioned that the Ministry of Commerce has conducted bilateral talks with four nations: Chile, Peru, South Korea, and New Zealand, as part of efforts to secure alternative markets amidst current market constraints.
Regarding the Thailand-South Korea FTA, Ms. Suphajee expressed the Ministry's intent to conclude the agreement by 2025. She stated that certain products require careful consideration before reaching an agreement, aiming to ensure equitable benefits. Ms. Suphajee stressed that Thailand will not finalize the deal unless it secures favorable terms, avoiding any agreement where Thailand offers more than it receives.