SEOUL - South Korea and Malaysia signed an agreement on Monday to cooperate in supplying critical minerals from Malaysia's reserves and to boost cooperation in the defense industry as the Southeast Asian country looks to upgrade its air force jets.

South Korean President Yoon Suk-yeol and Malaysian Prime Minister Anwar Ibrahim also shared their commitment at a summit to conclude a free trade agreement by next year, which would include additional areas such as services, investment, and green energy, Yoon's office said.

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South Korea invited continued interest from Malaysia as it embarks on a project to replace light fighter jets, after a 2023 contract to supply 18 jets valued at $920 million, Yoon's office said in a statement.

The countries also agreed to establish an institutional foundation to cooperate on climate change, including for a previously signed memorandum of understanding on a carbon capture and storage project, which is scheduled to launch in 2029.

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Yoon and Anwar also shared concern over the humanitarian crisis in Gaza and violence in Lebanon due to the Middle East conflict.