Asia-Pacific

S Korea, Malaysia to study on free trade

(Xinhua)
Updated: 2011-05-06 13:43

SEOUL - South Korea and Malaysia are set to launch a one-year joint study on feasibility of a bilateral free trade agreement, the foreign ministry said Friday.

The two countries agreed in January to conduct the feasibility study after the leaders agreed in a summit last year to substantially expand bilateral economic ties, according to the ministry.

South Korea already has a similar trade accord with the Association of Southeast Asian Nations (ASEAN), of which Malaysia is a member. Malaysia is South Korea's third biggest trade partner among ASEAN member states and the 13th in the world.

Trade volume between two countries soared 25.5 percent to $15.6 billion in 2010, compared with the volume recorded in 2006 prior to the trade agreement.