S. Korea, Malaysia set to hold 9th round of FTA negotiations in Kuala Lumpur

SEOUL, May 13 (Yonhap) -- South Korea and Malaysia were set to hold their ninth round of negotiations for a bilateral free trade agreement (FTA) on Tuesday, as the two sides seek to broaden their trade portfolio and enhance cooperation, Seoul's industry ministry said.

The latest round of talks for an FTA was scheduled to kick off in Kuala Lumpur for a three-day run, involving some 70 trade officials from the two countries, according to the Ministry of Trade, Industry and Energy.

The countries are seeking to make progress in eight separate areas, including market access for goods and services, as well as economic cooperation, the ministry added.

Following a five-year hiatus, the two nations agreed to resume their FTA negotiations in March 2024.

South Korea already has an FTA with the Association of Southeast Asian Nations (ASEAN), but it is seeking to forge separate free trade deals with individual members, including Malaysia.

"A bilateral FTA with Malaysia, a promising market in the ASEAN region, will greatly help Korean companies boost their competitiveness in the global market and mitigate uncertainties amid growing risks sparked by U.S. tariff measures and the spread of global trade protectionism," Kwon Hye-jin, director general for FTA negotiations at the ministry, said.

"The government will actively engage in discussions with Malaysia to conclude the FTA negotiations as soon as possible," Kwon added.

nyway@yna.co.kr
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