SEOUL: The Malaysia-Korea Free Trade Agreement (FTA) will be finalised next year, with both countries committed to speeding up any stalled negotiations. Prime Minister Datuk Seri Anwar Ibrahim said the agreement is expected to be signed during the return visit of South Korean President Yoon Suk Yeol to Malaysia.

According to BERNAMA News Agency, Anwar, who is on a three-day official visit to South Korea, stated that negotiations have been delayed since 2019 due to political instability in Malaysia at the time. However, the current domestic business and political scenario in Malaysia has improved.

“We (Anwar and Yoon) discussed this morning that we will simplify and speed up the negotiation process related to the FTA. When he (President Yoon) comes to Malaysia next year, we will sign and finalise the FTA,” Prime Minister Anwar announced at the Malaysia-Korea Business Forum 2024.

Anwar also emphasized Malaysia’s appeal as a trading nation, noting the country’s clear policy to enhance its economic potential a
nd that of the ASEAN region. “The current government is determined to make whatever changes necessary to make Malaysia attractive (to businesses and investors) with the right policies, appropriate incentives and sufficient infrastructure,” he said.

He further mentioned the focus on training and professional talent with technical knowledge, indicating that these issues are being actively addressed. “Therefore, you can see the (increased) development rate and there is capacity to attract new industries,” Anwar added.

The Malaysia-Republic of Korea Business Forum 2024 saw participation from 147 local companies, including 60 manufacturing companies, 78 services, retail and distribution companies, and nine business associations.