Expanding ASEAN Export Territory... 'Korea-Malaysia FTA Negotiations' Resume After 5 Years

by Ju Sangdon

Published 20 Aug.2024 06:00(KST)

Updated 20 Aug.2024 14:19(KST)

4th Official Negotiations in Kuala Lumpur, Malaysia from March 20-23 Following This Year's Restart Declaration

Official negotiations for a Free Trade Agreement (FTA) between Korea and Malaysia will take place for the first time in about five years.

The Ministry of Trade, Industry and Energy announced on the 20th that the 4th official Korea-Malaysia negotiations will be held in Kuala Lumpur, Malaysia, from the 20th to the 23rd.

Expanding ASEAN Export Territory... 'Korea-Malaysia FTA Negotiations' Resume After 5 Years

In this negotiation, Korea will be represented by Yoo Beop-min, FTA Negotiator from the Ministry of Trade, Industry and Energy, while Malaysia will be represented by Sumadi Balakrishnan, Director of Negotiation Strategy at the Ministry of Investment, Trade and Industry (MITI), as the chief negotiators.

This negotiation marks the first official talks resumed after more than five years since the 3rd official negotiation in September 2019. The two countries declared the resumption of FTA negotiations during a trade ministers' meeting in March this year.

In addition to the goods sector that was being negotiated in 2019, the two countries plan to add sectors such as services, investment, digital, green, and bio, aiming for a comprehensive FTA covering market opening and new trade norms.

Malaysia ranks third in trade and fourth in investment with Korea among ASEAN (Association of Southeast Asian Nations) countries. A Ministry of Trade, Industry and Energy official stated, "Korea imports natural gas and petroleum products from resource-rich Malaysia and exports petroleum products, semiconductors, and fine chemical raw materials, forming a mutually complementary trade structure. It is expected that once the Korea-Malaysia FTA is concluded, the trade and investment foundation with ASEAN will be significantly strengthened."