South Korea-Malaysia FTA to deepen ties
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 said both leaders have reaffirmed their intention to strengthen mutually beneficial cooperation across a wide range of sectors, including trade, investment, green growth, infrastructure, digital transformation, and the defence industry.
"Having held more than nine rounds of negotiations, we have now entered the final phase.
"So I expect when the two leaders meet, likely on the occasion of the ASEAN summit in late October, FTA negotiations will be finalised, which would be very good news for both peoples," he told Bernama.
He said the Korea–Malaysia FTA is not merely a conventional trade and investment agreement, but a comprehensive one that also covers digital transition, the digital economy, the green economy, and the bio-economy.
"These are so-called future industry, high-value, high-tech industry. So through this bilateral free trade agreement, not only Korean businesses or Korean people, but also Malaysian people and Malaysian people's businesses, farmers and even fishers will get some benefit.
"Because the contents of FTA are not revealed publicly yet, so I cannot say more details about that, but what can I say, yes, we have a very promising future for both countries in terms of industry and business cooperation," he added.
On June 23, Malaysian Prime Minister Anwar Ibrahim and South Korean President Lee Jae Myung agreed to expand bilateral cooperation in a substantive and mutually beneficial manner, including efforts to conclude the FTA.
The understanding was reached during their first phone conversation, in which Anwar also extended his congratulations to Lee on his inauguration as South Korea's president.
Yeo said under President Lee's new administration, which took office on June 4, South Korea is expected to pursue pragmatic diplomacy aimed at fostering peace and co-prosperity.
"It is a bit early to say in detail because Korea's new government has been in office only three weeks, but the new President (President Lee) during the presidential election had made clear that the new government is expected to pursue pragmatic diplomacy and strengthen partnership with ASEAN.
"This year is a special year for Korea and Malaysia. Malaysia chairs the ASEAN summit, and Korea will host the Asia-Pacific Economic Cooperation (APEC) summit meeting, so we expect to see frequent high-level engagement, including leaders' meetings," he added.
South Korea is Malaysia's eighth-largest trading partner, with bilateral trade exceeding US$20 billion (US$1 = RM4.29) for three consecutive years.
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