Business Korea - 28 June 2019

South Korea and Malaysia to conclude FTA this year

The South Korean and Malaysian governments declared the initiation of bilateral FTA negotiations on June 27. The two governments are going to complete their negotiations by November this year.

The Ministry of Trade, Industry and Energy of South Korea announced on June 27 that South Korean Trade Minister Yoo Myung-hee and Malaysian Trade Minister Darell Leiking had a video conference in Gwacheon and Kuala Lumpur in the afternoon of that day to officially declare the initiation of the negotiations.

At the conference, the two trade ministers welcomed the initiation of the process following the completion of domestic preparation on both sides. Earlier, South Korea and Malaysia agreed to sign a free trade agreement at their summit meeting held in March this year.

The two governments are going to have talks in the fields of goods, services, investment and economic cooperation so that the conclusion of the FTA can be announced at the South Korea-ASEAN special summit scheduled for November this year.

“The FTA with Malaysia, one of South Korea’s top four trade partners in the ASEAN region, will further strengthen the economic ties between the two countries and help South Korean companies diversify their export markets and global production networks,” said the trade minister of South Korea.