Latest news with #Malaysia-KoreaFreeTradeAgreement
Barnama
9 hours ago
- Business
- Barnama
PM Anwar, President Lee Agree To Strengthen Malaysia-S. Korea Bilateral Ties
GENERAL KUALA LUMPUR, June 23 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim and South Korean President Lee Jae Myung have agreed to strengthen bilateral ties between Malaysia and South Korea. Anwar said the relationship between the two nations, which was elevated to a strategic partnership during his visit to Seoul in November last year, will continue to be comprehensively advanced across several areas, including peace and security, defence, economy, education and tourism, as well as regional and global cooperation. 'South Korea is Malaysia's eighth-largest trading partner, with trade exceeding US$20 billion (US$1 = RM4.29) for three consecutive years. I expressed Malaysia's commitment to concluding the Malaysia-Korea Free Trade Agreement (MKFTA) negotiations this year,' he said in a post on the X platform today. Anwar, who contacted Lee this morning, also took the opportunity to congratulate him and the Democratic Party on their victory in the recent presidential election. 'I conveyed my confidence in his leadership to steer (South) Korea into this new phase,' he said. Anwar, who is also Finance Minister, said that towards the end of the conversation, he invited Lee to attend the 47th ASEAN Summit and the ASEAN–South Korea Summit in Kuala Lumpur. 'Insya-Allah, I will also be in Gyeongju (South Korea) this November for the APEC Summit, and I look forward to welcoming him to Malaysia before that,' he added. -- BERNAMA
The Star
13-05-2025
- Business
- The Star
They gave us K-pop, we'll give them King of Fruits
Datuk' Mohd Zamruni Khalid, the Ambassador of Malaysia to the Republic of Korea PETALING JAYA: The 'King of Fruits' might just 'conquer' the land that gives the world K-pop if frozen durian from Malaysia makes its way to South Korea – once a free trade agreement is signed between the two countries. Though it is a long shot for now due to Seoul's stringent food import regulations, Malaysia's ambassador to South Korea Datuk Mohd Zamruni Khalid (pic) said the Malaysia-Korea Free Trade Agreement (MKFTA), which is expected to be inked by the year-end, could open doors for the agriculture sector. 'The agreement should provide tariff reductions and streamlined customs procedures, improving market access for Malaysian agricultural products including durian. 'This will not only ease current challenges but also enhance the competitiveness of Malaysian fruits in the Korean market, opening new opportunities for growth and cooperation,' he told The Star. Zamruni said the signing of the MKFTA would be a 'critical milestone' in the trade ties between the two countries due to its 'transformative potential'. 'We are targeting the signing of the MKFTA by late 2025. We are actively working towards this goal,' he said. However, he acknowledged that export of food and fruits like durian to South Korea remains challenging. 'The ROK (Republic of Korea) requires pre-registration of all foreign manufacturing facilities, import permits and thorough inspections to ensure food safety and compliance with plant quarantine standards. 'For frozen durian pulp specifically, exporters must follow comprehensive food safety testing protocols before the product can enter the Korean market. 'Given these complexities, Malaysian exporters are strongly encouraged to work closely with experienced Korean importers who understand these regulatory hurdles,' he said. However, that has not deterred the Malaysian Embassy in Seoul to work towards its goal. In February, the embassy hosted a 'Durian Diplomacy' event with the mission to boost exports and promote cultural diplomacy. Zamruni said the MKFTA is expected to lead to collaborations in key sectors such as the green economy (renewable energy, sustainable technologies), digital trade (e-commerce, digital services) and bioeconomy (biotechnology, pharmaceuticals). 'These collaborations will not only drive economic growth but also promote innovation, technological advancement, as well as sustainable development – creating a more resilient and prosperous future for both Malaysia and the ROK,' he said. South Korea is Malaysia's seventh largest trading partner, while Malaysia is ranked 11th for South Korea. Trade between the two countries amounted to RM91bil from January to October last year. Both nations are celebrating the 65th anniversary of diplomatic relations this year, which was established on Feb 23, 1960.
