SEOUL: Malaysia and South Korea have commenced the ninth round of negotiations for a bilateral free trade agreement (FTA), aimed at deepening economic cooperation and enhancing market access between the two countries.
The three-day discussions, held in Kuala Lumpur, involve approximately 70 trade officials and focus on eight key areas, including trade in goods and services, investment, and broader economic collaboration, according to South Korea’s Ministry of Trade, Industry and Energy.
Talks resumed in March 2024 following a five-year pause, as both countries work to accelerate progress towards a comprehensive trade deal. While South Korea currently benefits from a multilateral FTA with ASEAN, it is increasingly seeking bilateral arrangements with individual ASEAN members to tailor economic engagement and better address country-specific trade objectives.
“A bilateral FTA with Malaysia, a key emerging market within ASEAN, will significantly enhance the global competitiveness of South Korean companies, especially amid rising global protectionism and ongoing trade tensions with the United States,” said Kwon Hye Jin, Director-General for FTA Negotiations at the ministry.
She added that the South Korean government remains committed to concluding the agreement at the earliest opportunity and will continue to engage actively with Malaysian counterparts to achieve this objective.
The prospective FTA is expected to open new channels for investment and trade in high-value sectors, strengthening bilateral economic resilience and delivering mutual benefits to both nations.
-Bernama
