According to Yonhap News,

South Korea and Malaysia were set to hold their eighth round of negotiations for a bilateral free trade agreement (FTA) Tuesday, as the two sides seek to broaden their trade portfolio and enhance cooperation, Seoul's industry ministry said.

The latest round of talks for an FTA was scheduled to kick off in Seoul for a four-day run, according to the Ministry of Trade, Industry and Energy.

The two sides plan to focus on making progress in negotiations across 10 sectors, including goods, services, investment and economic cooperation, the ministry added.

Following a five-year hiatus, the two nations agreed to resume talks on a free trade deal in March 2024.

South Korea already has an FTA with the Association of Southeast Asian Nations (ASEAN), but it is seeking to forge separate free trade deals with individual members, including Malaysia.

"We will work to swiftly strike an FTA with Malaysia, one of our major partners in the ASEAN region, to improve conditions for South Korean companies' operations in the country and remove trade uncertainties," Kwon Hye-jin, director general for FTA negotiations at the ministry, said.

Kwon stressed the importance of cooperation with ASEAN countries, noting South Korea's exports to the region have surpassed shipments to China for the second consecutive month in March amid an expansion of global trade protectionism.



nyway@yna.co.kr

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Source: Yonhap News (April 8, 2024)