Kuala Lumpur: The Free Trade Agreement (FTA) negotiations between Malaysia and South Korea are approaching their conclusion, with finalisation expected during the upcoming ASEAN Summit in October in Kuala Lumpur. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz confirmed the progress.

According to BERNAMA News Agency, the negotiations have been advancing without issues. Minister Tengku Zafrul mentioned that the South Korean delegation is currently in Malaysia for the last round of discussions before reconvening at the ministerial level in June. This effort follows his meeting with South Korea's Trade, Industry and Energy Minister Inkyo Cheong, signaling both countries' commitment to resume FTA negotiations.

Malaysia and South Korea had agreed to restart their FTA discussions in March 2024 after a five-year break. Tengku Zafrul stated that the process is on track for completion and acknowledged it has been lengthy, noting that South Korea must present the agreement to its National Assembly.

The minister emphasized the significance of the agreement due to the current global geopolitical and geo-economic climate, highlighting South Korea's role as a vital trading partner and investor for Malaysia.