Free Trade Agreement Malaysia Korea: What You Need to Know
The Free Trade Agreement (FTA) between Malaysia and Korea was signed on 22 March 2012. This agreement is aimed at promoting bilateral trade and investment between the two countries. It covers a wide range of sectors, including goods, services, investment, and intellectual property rights.
The FTA between Malaysia and Korea has several benefits for both countries. It enhances market access for goods and services, promotes investment and economic growth, and creates a level playing field for businesses operating in both countries. The FTA also eliminates trade barriers such as tariffs and non-tariff measures, making it easier for businesses to trade with each other.
Under the FTA, Malaysia and Korea have agreed to liberalize trade in goods. This means that the two countries will reduce or eliminate tariffs on goods traded between them. In addition, the FTA includes provisions on rules of origin, customs procedures, and technical regulations to ensure that goods traded between Malaysia and Korea meet the necessary quality requirements.
The FTA also includes provisions on trade in services. Malaysia and Korea have agreed to liberalize trade in services in sectors such as telecommunications, e-commerce, financial services, and professional services. This will create opportunities for businesses in both countries to expand their services and tap into each other`s markets.
Furthermore, the FTA between Malaysia and Korea includes provisions on investment. These provisions are aimed at promoting and protecting foreign investment in each other`s countries. The FTA includes provisions on investment protection, dispute settlement, and transparency, which provide greater certainty and predictability for investors.
The FTA also includes provisions on intellectual property rights (IPR). Malaysia and Korea have agreed to strengthen the protection and enforcement of IPR in each other`s countries. This will create a more conducive environment for businesses to innovate, create, and protect their intellectual property.
In conclusion, the Free Trade Agreement between Malaysia and Korea is a significant milestone in the trade relations between the two countries. It is expected to promote bilateral trade and investment, enhance market access for goods and services, and create a level playing field for businesses operating in both countries. The FTA is a win-win situation for both Malaysia and Korea, and it is hoped that it will bring about greater economic cooperation and prosperity for both countries in the years to come.
