Thai and South Korean leaders pledged Saturday to more than double bilateral trade by 2016, as well as cooperation in other areas.
"I think we can reach US$30 billion in less than five years," South Korean President Lee Myung-bak said after holding talks with Prime Minister Yingluck Shinawatra in Bangkok.
Bilateral trade reached $13.9 billion in 2011.
Lee said the recent opening of several South Korean bank branches in Thailand would facilitate trade.
Lee expressed interest in assisting with Thailand's proposed high-speed rail project linking Chiang Mai to Bangkok, and the Dawei deep-sea port on Myanmar's eastern coast being developed jointly with Thailand.
Both reached the agreement during summit talks, for cooperation in four areas - political cooperation, economic cooperation, cooperation in science and technology, and cultural/social cooperation. They also expressed commitment to promote regional cooperation under the Asean +3 framework.
They also agreed to speed up the ratification on trade and economic development plan (2013-2017), which is aimed at minimising trade obstacles. The bilateral trade negotiation under a joint commerce committee will also be revived.
Yingluck also proposed an integrated economic partnership agreement, to cope with increasing trade and investment in the future. Thai and Korean trade ministers will work together on this issue.
Thailand and Korea are to celebrate the 55th anniversary of diplomatic tie next year. Both also agreed to promote cultural cooperation, through the establishment of cultural centres in Seoul and Bangkok to mark the anniversary.
Following the growing number of Thai-Korean tourists last year which reached a new record of 1.3 million, Yingluck proposed the bilateral talk on aviation services.