The Ministry of Commerce has continued its efforts to improve Thailand’s export sector performance through the establishment of mini-FTAs with foreign markets, with Gyeonggi, South Korea now the latest partner of this trade promotion scheme.
Thailand’s Department of International Trade Promotion (DITP) and South Korea’s Gyeonggi Business and Science Accelerator (GBSA) have signed a mini-free trade agreement (FTA), aimed at promoting trade and the development of smaller businesses between both sides.
This agreement is Thailand’s 6th partnership it formed with cities in 4 countries, and the second South Korean city after Busan.
The agreement also seeks to promote Thailand’s soft power in creativity, arts, and culture.
Minister of Commerce Jurin Laksanawisit said South Korea is currently the 9th biggest export market for Thailand, with the trade value between both countries logging at 15.8 billion U.S. dollars last year.
He said Gyeonggi is a major South Korean market with the highest GDP level and a sizable 13 million population. Trade value between Thailand and Gyeonggi last year was recorded at 3.2 billion U.S. dollars, while the trade value for the first 7 months of this year already reached 2 billion dollars.
Thailand’s mini-FTA partners outside of South Korea include Hainan and Gansu, China; Telangana, India; and Kofu, Japan. (NNT)