The industry ministry said Tuesday that it has launched the fifth round of negotiations with Malaysia for a bilateral free trade agreement as South Korea aims to broaden its trade portfolio.

The latest round of negotiations for the FTA began in Seoul for a four-day session, following the resumption of talks in August after a five-year hiatus, according to the Ministry of Trade, Industry and Energy.

South Korea already has an FTA with the Association of Southeast Asian Nations, but it is seeking to deepen economic ties with individual members through separate free trade agreements.

The ministry said that both countries aim to make progress in negotiations across 13 sectors, including goods, services, investment, economic cooperation and the digital industry.

“Based on previous discussions, the two countries plan to accelerate talks in each sector and narrow down differences,” it added.

Source: Yonhap News Agency