Sejong: South Korea's trade ministry announced on Monday that it has engaged in discussions with Malaysia to enhance trade cooperation by fast-tracking ongoing negotiations for a bilateral free trade agreement (FTA). Cheong In-kyo, South Korea's Minister for Trade, held discussions with Malaysian counterpart Tengku Zafrul Aziz in Seoul, focusing on a range of bilateral trade agendas. According to Bahrain News Agency, the meeting was held alongside Malaysian Prime Minister Anwar Ibrahim's three-day official visit to South Korea, which commenced on Sunday. Malaysia ranks as South Korea's third-largest trade partner in Southeast Asia, with their bilateral trade volume reaching USD 25 billion in 2023. During their discussions, both countries expressed a commitment to finalizing the FTA by the end of 2025. The negotiations for the proposed FTA were resumed this year after a five-year break. The South Korean Ministry of Trade, Industry and Energy highlighted that the envisioned FTA, once implemented, would assist South Korea in expanding its trade and investment footprint in the Southeast Asian region. While South Korea already holds an FTA with the Association of Southeast Asian Nations (ASEAN), it is keen on deepening economic ties with individual member countries through separate agreements like the one proposed with Malaysia.
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