AlHijjah 25, 1433, Nov 10, 2012, SPA -- South Korea and Thailand agreed Saturday to launch preliminary talks and a joint study toward a possible free trade deal as their leaders pledged to upgrade relations between the two countries to a "strategic partnership." According to Yonhap, South Korean President Lee Myung-bak and Thai Prime Minister Yingluck Shinawatra reached the agreement during summit talks in Bangkok, pledging to work closely together to expand bilateral trade volume to US$30 billion by 2016, according to a joint statement. "Both sides agreed to seek preliminary discussions and a joint study about forging a comprehensive economic partnership agreement (CEPA) in order to strengthen economic links between the two countries," the joint statement said. CEPA is the equivalent of a free trade agreement. After the summit, South Korean Foreign Minister Kim Sung-hwan and his Thai counterpart, Surapong Tovichakchaikul, signed a memorandum of understanding that officially elevated the relations between the two countries to a "strategic partnership."