Bilateral trade between Malaysia and South Korea to rise further
Bernama, Malaysia
Bilateral Trade Between Malaysia And South Korea To Rise Further
30 May 2007
KUALA LUMPUR, May 30 (Bernama) — Bilateral trade between Malaysia and South Korea is expected to increase further with the completion of the Free Trade Agreement (FTA) between Asean and South Korea this year.
Deputy International Trade and Industry Minister Datuk Ahmad Husni Hanadzlah said the Asean-South Korea FTA on goods was expected to be completed by middle of this year while another FTA on services investment was currently under negotiations and targeted for completion by December 2007.
He said the FTA would provide the elimination or reduction of import duties on various products for both parties.
"The FTA will also provide better access for both parties to market their products," he told reporters after officiating the "Korea Products Show and Business Meeting 2007" here today.
Ahmad Husni said the Asean-South Korea FTA is expected to boost trade and investment between Malaysia and South Korea.
"This is based on our experience with the Asean-China FTA and Malaysia-Japan Economic Partnership Agreement, both of which have given positive results in trade and investment. Definitely, the reduction in import duties will increase trade," he said.
Bilateral trade between Malaysia and South Korea has been growing with total trade at US$12.7 billion last year compared with US$10.4 billion in 2005.
Asked about Korean manufacturers seeking halal certification, Ahmad Husni said Malaysia will facilitate Korean companies which are interested to get halal certification.
"We want to promote Malaysia as the halal hub. If they want halal certification, we will facilitate them," he said.
"Korea Products Show and Business Meeting 2007" is organised by South Korea’s Gyeonggi Provincial Government and the Korea Trade-Investment Promotion Agency Kuala Lumpur.
The two-day event, beginning today, is featuring a wide variety of Korean products, including electrical and electronic products, home and personal products, machinery tools, information technology (IT) and security products, medical and health products, auto parts, and chemical products.
