South Korea, Malaysia discuss closer bilateral trade ties

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Seoul and Kuala Lumpur resumed negotiations for the proposed FTA this year after a five-year hiatus. ", "datePublished": "2024-11-25T18:06:29+05:30", "articleSection": "World Economy", "url": "https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417", "mainEntityOfPage": "https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417", "headline": "South Korea, Malaysia discuss closer bilateral trade ties", "dateModified": "2024-11-25T18:07:01+05:30", "articleBody": "South Koreas trade ministry said Monday it has discussed ways to bolster trade cooperation with Malaysia by expediting ongoing negotiations for a bilateral free trade agreement (FTA). Trade Minister Cheong In-kyo met with his Malaysian counterpart, Tengku Zafrul Aziz, in Seoul to discuss various bilateral trade agendas, according to the Ministry of Trade, Industry and Energy, Yonhap news agency reported. The meeting took place on the sidelines of Malaysian Prime Minister Anwar Ibrahims three-day official visit to South Korea, which began Sunday. Malaysia is South Koreas third-largest trade partner in Southeast Asia, with the countries bilateral trade volume reaching $25 billion in 2023. During the meeting, the two countries agreed to work toward concluding the FTA by the end of 2025. Seoul and Kuala Lumpur resumed negotiations for the proposed FTA this year after a five-year hiatus. The ministry noted that once implemented, the envisioned FTA will help South Korea expand its trade and investment in the Southeast Asian region. South Korea already has an FTA with the Association of Southeast Asian Nations, better known as ASEAN, but is seeking to deepen economic ties with individual member countries through separate agreements. The two countries also exchanged views on the latest trends related to the incoming US administration, as well as ways to address challenges faced by South Korean companies operating in Malaysia. In a separate event, the two nations also signed a memorandum of understanding to enhance cooperation in the carbon capture and storage sector. 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"position": 1, "name": "Business News", "item": "https://www.zeebiz.com/" }, { "@type": "ListItem", "position": 2, "name": "World Economy", "item": "https://www.zeebiz.com/economy-infra/world-economy" }, { "@type": "ListItem", "position": 3, "name": "South Korea, Malaysia discuss closer bilateral trade ties" } ] } </script> <div class="article-start"> <h1 class="article-heading article-heading-biz margin-bt10px">South Korea, Malaysia discuss closer bilateral trade ties</h1> <h2 class="biz-a-sum">During the meeting, the two countries agreed to work toward concluding the FTA by the end of 2025. Seoul and Kuala Lumpur resumed negotiations for the proposed FTA this year after a five-year hiatus. </h2> <ul class="social-biz"> <li><a href="https://twitter.com/share?url=https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417&text=South+Korea%2C+Malaysia+discuss+closer+bilateral+trade+ties" target="_blank"><img src="https://cdn.zeebiz.com/sites/all/themes/zeebiz/images/X-13x27.svg" alt="Twitter" title="Twitter"></a></li> <li><a href="https://www.facebook.com/sharer/sharer.php?u=https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417" target="_blank"><img src="https://cdn.zeebiz.com/html/images/fs-face-icon.gif" alt="Facebook" title="Facebook"></a></li> <li><a href="https://www.linkedin.com/shareArticle?mini=true&url=https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417" target="_blank"><img src="https://cdn.zeebiz.com/html/images/linked_zeebiz.png" alt="Linkedin" title="Linkedin"></a></li> <li class="hidden-lg"><a href="whatsapp://send?text=South+Korea%2C+Malaysia+discuss+closer+bilateral+trade+ties - https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417" title="Whatsapp" target="_blank"><img src="https://cdn.zeebiz.com/html/images/fs-whatsapp-icon.gif" alt="whatapp"></a></li> <li class="viewinapp"><a href="https://zeebusiness.page.link/?link=https://www.zeebiz.com/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417%23English&apn=com.zeebusiness.news" target="_blank" title="" onclick="gtag('event', 'ViewInApp', {'event_category' : 'Download App', 'event_label' : '/economy-infra/world-economy/news-bilateral-trade-between-malaysia-and-south-jorea-free-trade-agreement-cheong-in-kyo-tengku-zafrul-aziz-328417'});">View in App</a></li> </ul> <div class="pos-relative"> <img class="img-responsive article-img" typeof="foaf:Image" src="https://cdn.zeebiz.com/sites/default/files/2024/11/25/333518-acquisition-pixabay.jpg?im=FitAndFill=(1200,900)" alt="South Korea, Malaysia discuss closer bilateral trade ties"> <div class="black-transparent">Malaysia is South Korea's third-largest trade partner in Southeast Asia, with the countries' bilateral trade volume reaching $25 billion in 2023. Image: Pixabay | Representational</div> </div> </div> <div> <div class="row artposchngbox" style="padding-bottom:20px;"> <div class="col-lg-9 col-md-9 col-sm-12 pad-left sidebar328417 col-md-push-3"> <div class="sidebar-inner"> <div class="article-para">  <script> var c_id = ''; gtag('get', 'UA-75361766-1', 'client_id', (client_id) => { c_id = client_id; }); // CRE Splide Click $("body").on("click", ".splide__slide_tranding", function(){ var itemJSON = {}; itemJSON = itemJSONCompile($(this),"click", c_id); dataLayer.push(itemJSON); //console.log('event fired ', itemJSON); }); // CRE Splide Click left $("body").on("click", ".slider-trending .slick-prev", function(){ var itemJSON = {}; itemJSON = itemJSONCompile($('.splide__slide_tranding.slick-current'),"left", c_id); dataLayer.push(itemJSON); //console.log('event fired ', itemJSON); }); //CRE Splide Click right $("body").on("click", ".slider-trending .slick-next", function(){ var itemJSON = {}; itemJSON = itemJSONCompile($('.splide__slide_tranding.slick-current'),"right", c_id); 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} </script>  <div id="fieldcontent" class="star328417"><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p>South Korea's trade ministry said Monday it has discussed ways to bolster trade cooperation with Malaysia by expediting ongoing negotiations for a bilateral free trade agreement (FTA).</p><div class='block margin-bt30px adATF'><div id='div-gpt-ad-AS-Inarticle-1'></div><script> googletag.cmd.push(function() { googletag.defineSlot('/11440465/Zeebiz_Web/Zeebiz_AS_Inarticle_1_300x250', [300, 250], 'div-gpt-ad-AS-Inarticle-1').addService(googletag.pubads()); googletag.display('div-gpt-ad-AS-Inarticle-1'); }); </script></div></p> <p>Trade Minister Cheong In-kyo met with his Malaysian counterpart, Tengku Zafrul Aziz, in Seoul to discuss various bilateral trade agendas, according to the Ministry of Trade, Industry and Energy, Yonhap news agency reported.</p><div id='v-zeebiz-v0'></div></p> <p>The meeting took place on the sidelines of Malaysian Prime Minister Anwar Ibrahim's three-day official visit to South Korea, which began Sunday.</p> <p>Malaysia is South Korea's third-largest trade partner in Southeast Asia, with the countries' bilateral trade volume reaching $25 billion in 2023.</p> <p>During the meeting, the two countries agreed to work toward concluding the FTA by the end of 2025. Seoul and Kuala Lumpur resumed negotiations for the proposed FTA this year after a five-year hiatus.</p><div class='block margin-bt30px adATF'><div id='div-gpt-ad-AS-Inarticle-2'></div><script> googletag.cmd.push(function() { googletag.defineSlot('/11440465/Zeebiz_Web/Zeebiz_AS_Inarticle_2_300x250', [300, 250], 'div-gpt-ad-AS-Inarticle-2').addService(googletag.pubads()); googletag.display('div-gpt-ad-AS-Inarticle-2'); }); </script></div></p> <p>The ministry noted that once implemented, the envisioned FTA will help South Korea expand its trade and investment in the Southeast Asian region.</p> <p>South Korea already has an FTA with the Association of Southeast Asian Nations, better known as ASEAN, but is seeking to deepen economic ties with individual member countries through separate agreements.</p> <p>The two countries also exchanged views on the latest trends related to the incoming US administration, as well as ways to address challenges faced by South Korean companies operating in Malaysia.</p> <p>In a separate event, the two nations also signed a memorandum of understanding to enhance cooperation in the carbon capture and storage sector.</p> </div></div></div></div>  <p><i> Get <a href="https://www.zeebiz.com"><strong>Latest Business News</strong></a>, <a href="https://www.zeebiz.com/india/markets"><strong>Stock Market</strong></a> Updates and <a href="https://www.zeebiz.com/videos"><strong>Videos</strong></a>; Check your tax outgo through <a href="https://www.zeebiz.com/personal-finance/income-tax-calculator"><strong>Income Tax Calculator</strong></a> and save money through our <a href="https://www.zeebiz.com/personal-finance"><strong>Personal Finance</strong></a> coverage. 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South Korea, Malaysia discuss closer bilateral trade ties | Zee Business