The Ministry of Trade, Industry and Energy of the Republic of Korea (RoK) is set to hold open hearings in Seoul on May 7 to promote the country’s free trade agreements (FTAs) with the Philippines and Malaysia.
The hearings are intended to collect opinions from relevant sides and experts before building plans to step up the deals, according to Yonhap News Agency.
At the talks on March 13, RoK President Moon Jae-in and Malaysian Prime Minister Mahathir Mohamadagreed to promote an FTA to continue expanding bilateral trade and investment.
Malaysia is currently the fourth biggest ASEAN trade partner of the RoK, following Vietnam, Indonesia and Singapore.
Meanwhile, the RoK and the Philippines have agreed to accelerate a free trade pact to form a more comprehensive economic partnership. The Philippines now ranks fifth among the RoK’s trade partners in ASEAN.
An FTA between the two countries are expected to help strengthen trade and investment links while creating a legal foundation and momentum for the RoK Government’s implementation of its New Southern Policy.