Sejong, Nov. 25 (BNA): South Korea's trade ministry said Monday it has discussed ways to bolster trade cooperation with Malaysia by expediting ongoing negotiations for a bilateral free trade agreement (FTA).

Cheong In-kyo, South Korean Minister for Trade, met with his Malaysian counterpart, Tengku Zafrul Aziz, in Seoul to discuss various bilateral trade agendas, according to the Ministry of Trade, Industry and Energy.

The meeting took place on the sidelines of Malaysian Prime Minister Anwar Ibrahim's three-day official visit to South Korea, which began Sunday, according to the South Korean News Agency (Yonhap).

Malaysia is South Korea's third-largest trade partner in Southeast Asia, with the countries' bilateral trade volume reaching USD 25 billion in 2023.

During the meeting, the two countries agreed to work towards concluding the FTA by the end of 2025. Seoul and Kuala Lumpur resumed negotiations for the proposed FTA this year after a five-year hiatus.

The ministry noted that once implemented, the envisioned FTA will help South Korea expand its trade and investment in the Southeast Asian region.

South Korea already has an FTA with the Association of Southeast Asian Nations, better known as ASEAN, but is seeking to deepen economic ties with individual member countries through separate agreements.

H.K