Kuala lumpur: South Korean Ambassador to Malaysia, Yeo Seung Bae, expressed Seoul’s strong commitment to concluding a free trade agreement (FTA) with Malaysia, saying the partnership is poised to become stronger and more comprehensive. Yeo indicated that both countries have reinforced their intention to enhance mutually beneficial cooperation across various sectors, including trade, investment, green growth, infrastructure, digital transformation, and the defense industry.
According to BERNAMA News Agency, Yeo revealed that after more than nine rounds of negotiations, the discussions have now reached the final phase. He expressed optimism that when the two leaders meet, likely during the ASEAN summit in late October, the FTA negotiations will be finalized, which would be beneficial for both nations.
Yeo emphasized that the Korea-Malaysia FTA is not just a conventional trade and investment agreement but also encompasses digital transition, the digital economy, the green economy, and the bio-economy. He mentioned that the agreement is expected to benefit not only businesses and individuals in Korea but also those in Malaysia, including farmers and fishers.
Although the details of the FTA have not been publicly disclosed, Yeo remains optimistic about a promising future for industrial and business cooperation between the two countries. The discussions between Malaysian Prime Minister Anwar Ibrahim and South Korean President Lee Jae Myung, which took place on June 23, underscored a commitment to expanding bilateral cooperation and finalizing the FTA.
Under President Lee’s new administration, which began on June 4, South Korea is anticipated to pursue pragmatic diplomacy aimed at fostering peace and co-prosperity. Yeo noted that the new government intends to strengthen its partnership with ASEAN.
This year marks a significant period for both countries, with Malaysia chairing the ASEAN summit and South Korea hosting the Asia-Pacific Economic Cooperation (APEC) summit. This is expected to facilitate frequent high-level engagements, including meetings between leaders.
South Korea stands as Malaysia’s eighth-largest trading partner, with bilateral trade surpassing US$20 billion for three consecutive years.