Seoul: South Korea and Malaysia are set to commence their eighth round of negotiations for a bilateral free trade agreement (FTA) as they aim to broaden their trade portfolio and enhance cooperation, according to Seoul's industry ministry. The talks are scheduled to begin in Seoul for a four-day session.

According to Yonhap News Agency, the Ministry of Trade, Industry and Energy stated that the discussions would focus on making progress across 10 sectors, including goods, services, investment, and economic cooperation. The negotiations come after a five-year hiatus, with both nations agreeing to resume talks on a free trade deal in March 2024.

South Korea currently holds an FTA with the Association of Southeast Asian Nations (ASEAN), but it is keen to establish separate free trade agreements with individual members, such as Malaysia. Kwon Hye-jin, director general for FTA negotiations at the ministry, emphasized the goal of swiftly reaching an agreement with Malaysia to improve conditions for South Korean companies operating in the country and to eliminate trade uncertainties.

Kwon highlighted the importance of collaboration with ASEAN countries, noting that South Korea's exports to the region have surpassed shipments to China for the second consecutive month in March amid growing global trade protectionism.