Thailand will seek cooperation on marine transportation and shipyard development under the Asean-South Korea Free Trade Agreement. The move came with a 40-per-cent increase in the Asean-South Korean trade value to more than US$150 billion (Bt4.83 trillion) in the first five months of this year. The value of Thai exports to Seoul skyrocketed by 60 per cent.
Vuthichai Duangratana, deputy director-general of the Trade Negotiations Department, said the shipping idea would be raised during the third meeting of the working committee on trade under the Asean-South Korea FTA, to be held in Cambodia from tomorrow to Friday. This cooperation, he said, would benefit not just Thailand, but also other Asean nations.
"South Korea has a lot of experience in both marine transportation and shipyard technology, which can help develop the industry in the region," Vuthichai said.
At the meeting, the two sides will discuss several issues on bilateral trade, including monitoring the progress of trade and investment liberalisation agreements, reporting each country's readiness, considering joint studies into trade and improving regulations and customs procedures to facilitate trade and investment.
The Asean-South Korea FTA is expected to boost bilateral trade to beyond $150 million by 2015.
Though Thai exports to South Korea showed a 59.63 per cent increase to more than $1.5 billion this year, import value also rose higher than $3.3 billion, causing a trade deficit with South Korea. Thailand faced trade deficits with Seoul even before the free-trade pact was implemented last year.
Thai goods that enjoyed an increase in exports included computer circuits, television sets, petroleum products, air-conditioning units, sugar and molasses, Vuthichai said.
Vuthichai Duangratana, deputy director-general of the Trade Negotiations Department, said the shipping idea would be raised during the third meeting of the working committee on trade under the Asean-South Korea FTA, to be held in Cambodia from tomorrow to Friday. This cooperation, he said, would benefit not just Thailand, but also other Asean nations.
"South Korea has a lot of experience in both marine transportation and shipyard technology, which can help develop the industry in the region," Vuthichai said.
At the meeting, the two sides will discuss several issues on bilateral trade, including monitoring the progress of trade and investment liberalisation agreements, reporting each country's readiness, considering joint studies into trade and improving regulations and customs procedures to facilitate trade and investment.
The Asean-South Korea FTA is expected to boost bilateral trade to beyond $150 million by 2015.
Though Thai exports to South Korea showed a 59.63 per cent increase to more than $1.5 billion this year, import value also rose higher than $3.3 billion, causing a trade deficit with South Korea. Thailand faced trade deficits with Seoul even before the free-trade pact was implemented last year.
Thai goods that enjoyed an increase in exports included computer circuits, television sets, petroleum products, air-conditioning units, sugar and molasses, Vuthichai said.