Ministry of Trade and KOTRA Open 'FTA Overseas Utilization Support Center' in Malaysia

Support for Utilizing FTA with Malaysia and Resolving Trade Difficulties
Enhancing Use of RCEP and Korea-ASEAN FTA for Local Companies and Buyers

The Ministry of Trade, Industry and Energy and KOTRA announced on the 5th that they have opened the 'FTA Overseas Utilization Support Center (hereinafter Overseas Center)' in Kuala Lumpur, Malaysia to support Korean companies in utilizing the Korea-ASEAN FTA and RCEP (Regional Comprehensive Economic Partnership).

Malaysia ranks as the third largest trading partner among ASEAN countries after Vietnam and Singapore. The Overseas Center opening in Kuala Lumpur will provide consulting and briefings necessary for utilizing the Korea-ASEAN FTA and RCEP, and will closely support local issues arising during customs clearance, including non-tariff barriers.

At the seminar held that day, Korean companies operating locally attended to share difficulties encountered on site. In addition, the seminar introduced ▲ current status of Korea-Malaysia economic cooperation ▲ Malaysian Customs Law ▲ practical use of RCEP and FTA ▲ promising items for FTA utilization ▲ Malaysian Labor Law.

Lee Ji-hyung, Head of KOTRA's Economic and Trade Cooperation Headquarters, said, "Trade volume between the two countries has steadily increased over the past three years, reaching a record high last year, expanding the scale of economic cooperation between the two countries." He added, "With the resumption of the 'Korea-Malaysia FTA' negotiations and the establishment of the 'Kuala Lumpur FTA Overseas Utilization Support Center,' we expect economic exchanges between the two countries to increase further."

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