KUALA LUMPUR – Malaysia-Turkey bilateral trade is set for stronger growth with the expansion of a free trade agreement (FTA) between the two governments, said the International Trade and Industry Ministry (Miti).
In a statement yesterday, the ministry said Turkish President Recep Tayyip Erdogan underscored the importance of elevating existing trade and investment links between the nations, including via the Malaysia-Turkey FTA (MTFTA).
“The president noted that the full potential of trade volume between Malaysia and Turkey has yet to be realised. He further highlighted the need for both countries to work closely to increase the existing trade volume.”
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali paid Erdogan a courtesy call at the presidential complex, it said.
Miti said the president was joined by his Industry and Technology Minister Mustafa Varank and Turkish Ambassador to Malaysia Merve Safa Kavakci.
“President Erdogan expressed Turkey’s solidarity with Malaysia in curbing the Covid-19 pandemic. He also indicated keen interest in working closely with Malaysia to arrive at a mutual-recognition arrangement for vaccines.”
With trade volume continuing to be in Malaysia’s favour, said the ministry, Azmin underscored Malaysia’s commitment to enable more Turkish imports to access the Malaysian market.
He noted that the expansion of the FTA is pivotal to facilitate and increase Turkey’s exports to Malaysia.
Reinforcing this mandate, Azmin highlighted during the meeting that the signing of a joint declaration on the expansion of MTFTA marks a resolute commitment to continue championing liberalisation at a time when new forms of protectionism are taking root.
On defence, Miti said both sides have agreed to boost mutually beneficial initiatives that will propel technological advancements in both countries.
“The president noted that there are 14 memoranda of understanding in the defence sector currently in place. He stressed that realising these MoUs is of critical importance to ensure both sides truly gain from the arrangements.”
The meeting also agreed that preferential trading arrangements, such as the Regional Comprehensive Economic Partnership, can serve as an integral tool for Turkish companies investing in and moving to Malaysia, as they will be able to benefit from the preferences granted in such deals when exporting to Asean, Japan, South Korea, China, Australia and New Zealand.
It added that the meeting ended on a high note, with both Azmin and Erdogan reiterating their conviction that Malaysia and Turkey will continue to foster, strengthen and deepen economic, trade and investment ties.
Malaysia and Turkey signed a joint declaration on MTFTA’s expansion on Tuesday, reinforcing the mandate to pursue growth in chapters including services, investment and e-commerce. – Bernama, July 15, 2021