{"id":2200404,"date":"2023-03-15T08:00:02","date_gmt":"2023-03-14T23:00:02","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200404"},"modified":"2023-04-05T16:07:57","modified_gmt":"2023-04-05T07:07:57","slug":"south-korea-and-malaysia-to-deepen-cooperation-on-supply-chains-and-trade","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/03\/south-korea-and-malaysia-to-deepen-cooperation-on-supply-chains-and-trade\/","title":{"rendered":"South Korea and Malaysia to deepen cooperation on supply chains and trade"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korean Trade Minister Ahn Duk-geun <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230314003900320?section=news\"><span style=\"font-weight: 400;\">met<\/span><\/a><span style=\"font-weight: 400;\"> his Malaysian counterpart, Zafrul Aziz, in Seoul on Tuesday to discuss ways to deepen cooperation on supply chains of key raw materials and to boost bilateral trade. Aziz is in South Korea as part of his nation\u2019s economic delegation to mark the 40th anniversary of its Look East Policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the meeting, Ahn officially suggested signing a bilateral agreement on key raw materials to ensure their stable supply chains, including those necessary for electric vehicle (EV) batteries. The two trade ministers also exchanged opinions on ways to progress ongoing negotiations for a bilateral free trade agreement (FTA). South Korea has a separate FTA with the 10-member Association of Southeast Asian Nations (ASEAN) bloc, but it seeks to strike bilateral deals with each ASEAN member state to further bolster ties.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/koreapro.org\/2023\/03\/why-south-korea-is-grumbling-about-new-us-chip-restrictions-on-china\/\"><span style=\"font-weight: 400;\">Inflation Reduction Act (IRA) and the CHIPS and Science Act (CHIPS)<\/span><\/a><span style=\"font-weight: 400;\"> in the U.S. and the <\/span><a href=\"https:\/\/koreapro.org\/2023\/03\/south-korean-exporters-face-uphill-battle-as-eu-mulls-raw-materials-law\/\"><span style=\"font-weight: 400;\">Critical Raw Materials Act (CRMA)<\/span><\/a><span style=\"font-weight: 400;\"> in the E.U. signify global free trade\u2019s backtracking. As the U.S. and the E.U. pass laws that mandate the extraction, processing and recycling of raw materials and manufacturing of finished goods within their borders to be eligible for tax benefits, South Korean businesses must diversify their supply chains globally. A growing number of ROK firms have expanded their investments in Malaysia, including Samsung SDI, which <\/span><a href=\"https:\/\/www.samsungsdi.com\/sdi-news\/2840.html?idx=2840\"><span style=\"font-weight: 400;\">invested<\/span><\/a><span style=\"font-weight: 400;\"> $1.3 billion (1.7 trillion won) in cylindrical battery lines in the Southeast Asian country in July 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol said during the G20 summit in Bali, Indonesia last year that he intends to create a <\/span><a href=\"https:\/\/koreapro.org\/2022\/12\/seouls-cautious-indo-pacific-strategy-maintains-balance-between-us-and-china\/\"><span style=\"font-weight: 400;\">free, peaceful and prosperous Indo-Pacific region<\/span><\/a><span style=\"font-weight: 400;\"> through solidarity and cooperation with ASEAN and other major nations. Improving ties with Malaysia will help South Korea to improve ties with other ASEAN countries beyond Vietnam.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korean Trade Minister Ahn Duk-geun met his Malaysian counterpart, Zafrul Aziz, in Seoul on Tuesday to discuss ways to deepen cooperation on supply chains of key raw materials and to boost bilateral trade. Aziz is in South Korea as part of his nation\u2019s economic delegation to mark the 40th anniversary of its Look East [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2200404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea and Malaysia to deepen cooperation on supply chains and trade - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/03\/south-korea-and-malaysia-to-deepen-cooperation-on-supply-chains-and-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and Malaysia to deepen cooperation on supply chains and trade - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean Trade Minister Ahn Duk-geun met his Malaysian counterpart, Zafrul Aziz, in Seoul on Tuesday to discuss ways to deepen cooperation on supply chains of key raw materials and to boost bilateral trade. 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