KUALA LUMPUR, 14 JULY: The expansion of the Free Trade Agreement (FTA) between the two governments is expected to boost bilateral trade between Malaysia and Turkey, according to the Ministry of International Trade and Industry (MITI). According to MITI, Turkish President Recep Tayyip Erdogan stressed the need of enhancing current commercial and investment ties between Malaysia and Turkey, notably through the Malaysia-Turkey Free Trade Agreement (FTA) (MTFTA).
“The president stated that the full potential of Malaysia-Turkey trade volume has yet to be realized. He also emphasized the importance of both countries working together to increase current trade volumes “It was stated.
Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali made the president a courtesy call at the Presidential Complex, according to the Ministry.
Erdogan was accompanied by Mustafa Varank, Turkey’s Minister of Industry and Technology, and Merve Safa Kavakci, Turkey’s Ambassador to Malaysia, according to the statement.
“President Erdogan emphasized Turkey’s support for Malaysia’s efforts to combat the Covid-19 outbreak. He also expressed a strong desire to collaborate closely with Malaysia on a vaccine mutual recognition agreement “It was stated.
It claimed that because the trade volume remained in Malaysia’s favor, Mohamed Azmin reaffirmed Malaysia’s resolve to allowing more Turkish imports to enter the Malaysian market.
According to MITI, Azmin stated that expanding the existing FTA will be critical in facilitating and expanding Turkey’s exports to Malaysia.
In reaffirming this mission, Mohamed Azmin told the meeting that the signing of the Joint Declaration on the Expansion of the MTFTA signaled a firm resolve to continue to advocate progressive liberalisation at a time when new forms of protectionism are emerging.
Both parties have agreed to promote mutually beneficial collaboration efforts that will assist Malaysia and Turkey advance technologically, according to MITI.
“The president stated that there are now 14 Memorandums of Understanding (MoUs) in place in the defense sector. He emphasized the need of completing these Memorandums of Understanding in order to ensure that both parties benefit from such agreements “It was stated.
The meeting also agreed that preferential trading agreements such as the Regional Comprehensive Economic Partnership (RCEP) agreement could be an important tool for Turkish companies investing and locating in Malaysia because they would be able to take advantage of the agreement’s preferences when exporting to ASEAN, Japan, Korea, China, Australia, and New Zealand, according to the statement.
The meeting ended on a high note, with both the president and the senior minister repeating their belief that Malaysia and Turkey will continue to nurture, expand, and deepen bilateral economic, trade, and investment ties, according to the statement.
On Tuesday, Malaysia and Turkey signed a joint declaration on MTFTA expansion to reaffirm their commitment to expanding the agreement to include chapters on services, investment, and e-commerce./n
