The Asean-Korea Free Trade Agreement (AKFTA) will be upgraded and its scope is being finalised, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Tengku Zafrul said this after chairing the AEM-ROK Consultation at the Asean Economic Ministers’ Meeting on Wednesday (Sept 24), which also discussed economic cooperation, supply chains and the semiconductor sector.
00:00The cooperation between ASEAN and Republic of Korea, where we discuss three issues.
00:04Number one is the upgrade of the ASEAN-KOREA FTA.
00:10So we have agreed that we finalise the scoping so that we can announce the leadership
00:16when the leaders meet in October of the upgrade of the ASEAN-KOREA FTA.
00:22At the same time, we talk about economic cooperation.
00:25We talk about the area of supply chain.
00:27We talk about area semiconductor.
00:29We talk about areas where we can do exchange of trade officials also.
00:34And finally, we also talked about the geopolitics, the geoeconomics,
00:40how ASEAN and Korea have to increase their cooperation in areas of trade and investment.
00:48When do you say upgrade of ASEAN-KOREA FTA?
00:52What does that mean?
00:53That means we already have one, ASEAN-KOREA FTA, so we want to upgrade it.
00:58So now, we are discussing what are the areas that we can upgrade.
01:01So that is being finalised and we want to announce that during the leaders' summit.
01:05Nanti bulan school.
01:06Any potential areas?
01:07Now, it's time to finalise.
01:09Nantikan we will announce it during the leaders' summit, the details.
01:12What are the sectors that ASEAN and Korea have?
01:16Well, ASEAN, we talked about sectors, especially semiconductor.
01:22We also talked about strategic and rare minerals.
01:26And finally, we also talked about areas where we can improve on the trade.
01:34We come into the grid, so digital.
01:35And we also talked about green transition, talking about investment and technology for green technology for part of our energy transition for ASEAN.
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