Thailand-Busan Sign Mini-FTA

The DITP and the Busan Economic Promotion Agency (BEPA) of South Korea signed an MoU to form a trade partnership through a mini-free trade agreement (mini-FTA) at W Hotel in Bangkok on July 12.

Deputy Prime Minister and Commerce Minister, Jurin Laksanawisit said the MoU will accelerate the economic partnership between Thailand and South Korea as Busan is the second largest city in South Korea, and a hub of logistics and transportation.

In 2021, bilateral trade between Thailand and Busan was valued at US$2.33 billion (75 billion baht). Thailand expects this partnership will boost Thailand’s exports into South Korea to reach US$5.4 billion (200 billion baht) by 2024.