South Korea, Malaysia agree to expand economic ties

SEOUL: South Korea and Malaysia on Thursday agreed to expand bilateral exchanges to overcome the economic fallout from the COVID-19 pandemic, while joining hands to tap deeper into emerging industries, including eco-friendly automobiles and renewable energy.

Seoul's Trade Minister Yoo Myung Hee met her Malaysian counterpart Mohamed Azmin Ali in Seoul, exchanging opinions on a wide array of bilateral issues, reports Yonhap news agency quoted the Ministry of Trade, Industry, and Energy.

During the meeting, the two countries vowed to expand cooperation in future growth engines, such as rechargeable batteries or solar energy parts.

Malaysia said it plans to spare no efforts to support South Korean battery firms making investments in the Southeast Asian nation.

The two ministers shared the view that trade and investment should not be disrupted by the new coronavirus pandemic, and vowed to make joint moves to expand economic exchanges, including simplifying entry procedures for business officials.

South Korea and Malaysia also agreed to make efforts to fully implement the Regional Comprehensive Economic Partnership (RCEP) in the near future.

Seoul currently awaits the official launch of the RCEP later this year, which covers ASEAN and its dialogue partners -- South Korea, China, Japan, Australia and New Zealand.

The two countries agreed to continue making progress on the ongoing negotiations towards a bilateral free trade agreement (FTA) as well.

South Korea already has a separate FTA with ASEAN, but it has been seeking to strike bilateral deals with each member to further bolster ties.

Malaysia is the third-largest trade partner of South Korea from Southeast Asia.

Asia's No. 4 economy inked the Comprehensive Economic Partnership Agreement (CEPA), an equivalent to an FTA, with Indonesia in 2020, followed by a deal with Cambodia in February. It is negotiating with the Philippines as well.

South Korea also requested Malaysia to support its move to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

-- BERNAMA