Thailand, Gyeonggi agree to mini-FTA

Phusit Ratanakul Sereroengrit, director-general of Department of International Trade Promotion (DITP), seated right, and Lee Gae-Youl, head of Global Trade Department and executive director, GBSA, seated left, at the MoU signing. The ceremony was witnessed by Mr Jurin, standing left, and Mr Moon.

Thailand signed a memorandum of understanding (MoU) yesterday to form a deeper trade partnership through a so-called mini-free trade agreement (mini-FTA) with Gyeonggi province of South Korea, aiming to push exports to South Korea to reach US$6.6 billion over the next three years.

Speaking after presiding at the signing ceremony, Commerce Minister Jurin Laksanawisit said the deeper partnership will not only accelerate trade between Thailand and Gyeonggi but also pave the way for future cooperation in trade and investment development, especially in small and medium-sized enterprises which will greatly benefit the economic development of the two countries.