Southern Korea, Malaysia resume bilateral free trade agreement negotiations
Date
8/20/2024 5:50:56 AM
(MENAFN) South Korea's Ministry of Trade, Industry, and Energy announced on Tuesday that it has resumed negotiations with Malaysia in a bid to establish a bilateral free trade agreement. The discussions, which had been on hold since September 2019, have now entered their fourth round, taking place over four days in Kuala Lumpur. South Korea's existing free trade agreement with the Association of Southeast Asian Nations (ASEAN) already facilitates trade with the region, but the country is looking to deepen its economic relations by pursuing separate agreements with individual ASEAN member states. The ministry emphasized that such bilateral agreements would help South Korea strengthen its trade and investment ties with key partners within ASEAN.
During the ongoing discussions, the two nations are set to deliberate on a broad spectrum of issues that extend beyond traditional trade matters. Key topics on the agenda include services and investment, which are critical components of modern trade agreements. Moreover, the negotiations will also focus on potential areas of cooperation in emerging sectors such as digital economy, green technology, and the bio-industry. These sectors are increasingly becoming focal points in global trade, reflecting the shifting priorities towards sustainable and technologically advanced economies. The Ministry of Trade, Industry, and Energy expressed optimism that the free trade agreement with Malaysia would foster a mutually beneficial trade regime, further solidifying South Korea's economic presence in the ASEAN region.
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