Thailand establishes mini-FTA with Busan

From left are Mr Moon, Mr Jurin and Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department, at the MoU signing ceremony. Mr Jurin says South Korea is a key trading partner of Thailand.

The Commerce Ministry wants to increase Thai exports to South Korea to 200 billion baht over the next three months after signing a memorandum of understanding on Tuesday to form deeper trade partnerships through a mini-free trade agreement (mini-FTA) with Busan.

Busan is South Korea's second-largest city after Seoul, with a population of more than 3.4 million.