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Kuala Lumpur: The free trade agreement negotiations between Malaysia and South Korea have entered the last phase, to be finalised during the upcoming Asean Summit here in October.

Investment, trade and industry minister Tengku Zafrul Aziz said the negotiations had been progressing smoothly.

“The South Korean team is currently in Malaysia with our negotiating team. This is the final round before we meet again in June (at the ministerial level),” he told Bernama.

“Everything is going smoothly. We are on track to finalising this agreement. It has been a long process, and South Korea needs to bring it to their national assembly,” he said.

Given the current global geopolitical and geo-economic situation, Tengku Zafrul said the agreement was important as South Korea is one of Malaysia’s key trading partners and investors.