Malaysia–Korea Bilateral Meeting At AFMGM+3

YB Senator Datuk Seri Amir Hamzah Azizan, Minister of Finance II held a productive bilateral engagement with Republic of Korea's (ROK) Deputy Minister of Economy and Finance, H.E. Choi Ji-Young, on the sidelines of the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) on 4 May 2025 in Milan, Italy.

He reaffirmed the importance of sustained bilateral dialogue amid global uncertainties, noting strong economic ties and growing trust between the two nations. He welcomed ROK delegation highlighting Malaysia’s infrastructure led economic resilience strategy and proposed to explore collaboration particularly in the ASEAN Power Grid and other regional connectivity projects.

On trade, both sides expressed optimism on the Malaysia–Korea Free Trade Agreement with hopes for finalisation within the year.

The meeting also focused on regional financial cooperation. YB Senator Datuk Seri Amir Hamzah reiterated the need to strengthen governance and regional ownership of the Chiang Mai Initiative Multilateralisation (CMIM) while Deputy Minister Choi Ji-Young called for more transparency and simplicity in CMIM operations.

Deputy Minister Choi Ji-Young further advocated for increased local currency usage in trade settlements to reduce dependency on major reserve currencies, an effort Malaysia supports under its financial integration agenda.

In addressing geopolitical tensions, Deputy Minister Choi Ji-Young raised concerns over rising protectionism especially recent unilateral tariff measures by the U.S. calling for enhanced information-sharing and policy coordination within the ASEAN+3 framework.

Both countries reaffirmed their commitment to continued collaboration in economic, financial, and strategic areas, working together to enhance regional resilience, infrastructure development and financial stability in ASEAN+3.

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