South Korea and Malaysia formalized an agreement on Monday aimed at collaborating on the supply of essential minerals from Malaysia’s reserves, while also enhancing cooperation in the defense sector as Malaysia seeks to modernize its air force fleet.

During a summit, South Korean President Yoon Suk Yeol and Malaysian Prime Minister Anwar Ibrahim reaffirmed their dedication to finalizing a free trade agreement by next year, which will encompass additional sectors such as services, investment, and green energy, according to a statement from Yoon’s office.

South Korea has expressed ongoing interest from Malaysia as it initiates a project to replace light fighter jets, following a 2023 contract for the delivery of 18 jets worth $920 million, as noted in Yoon’s office statement.

The two nations also agreed to create a framework for collaboration on climate change, which includes a previously established memorandum of understanding regarding a carbon capture and storage initiative set to commence in 2029.

Yoon and Anwar also voiced their concerns regarding the increasing military collaboration between North Korea and Russia, as well as the humanitarian crisis in Gaza and the violence in Lebanon stemming from the Middle East conflict.