Kuala Lumpur: South Korea and Malaysia are poised to initiate their seventh round of negotiations for a bilateral free trade agreement (FTA) in Kuala Lumpur, with the discussions scheduled to begin on Monday. The negotiations aim to expand the trade portfolio and strengthen cooperation between the two nations, as reported by Seoul's industry ministry.
According to Yonhap News Agency, the latest round of talks is set to last four days and will concentrate on advancing negotiations across 11 sectors, including goods, services, investment, and economic cooperation. This meeting marks a significant step as both countries agreed to resume discussions on a free trade deal in March 2024 after a five-year pause.
South Korea already maintains an FTA with the Association of Southeast Asian Nations (ASEAN) but is now pursuing individual free trade agreements with its members. Kwon Hye-jin, director general for FTA negotiations at the ministry, emphasized the importance of swiftly concluding an FTA with Malaysia, a key partner in the ASEAN region. The director noted the growing significance of free trade agreements amid the rapidly evolving global trade environment influenced by the expansion of protectionism.