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Malaysia signs joint FTA extension with Turkey

The Star - 14 July 2021

Malaysia signs joint FTA extension with Turkey

Malaysia and Turkey have signed a joint declaration on the expansion of the free trade agreement or FTA between the two governments to reinforce the mandate in pursuing the expansion of the agreement to include chapters on services, investment and e-commerce, the International Trade and Industry Ministry (Miti) said.

In a statement, Miti said the agreement was signed between its minister, Datuk Seri Mohamed Azmin Ali, and Turkey’s Minister of Trade Mehmet Mus during its trade and investment mission (TIM) to the country, in the effort to enhance bilateral trade and showcasing Malaysia as an investment destination of choice.

“The signing of the joint declaration marks a resolute commitment from both countries to continue to take the path of progressive liberalisation at a time when new forms of protectionism are taking root, ” it said.

Miti said a bilateral meeting between Azmin, who is also Senior Minister, and Mehmet had discussed a wide spectrum of measures to enhance bilateral economic, trade and investment relations.

“Particularly, the discussions centred on the implementation of the Malaysia-Turkey FTA (MTFTA) and the way forward to advance negotiations to expand the MTFTA.

“Both ministers agreed to intensify efforts to conclude the text-based negotiations of the MTFTA expansion this year, ” it added.

Meanwhile in a separate event, Azmin also witnessed the signing of a heads of agreement between Sapura Technics Sdn Bhd and Turkish Airlines Technic Inc in Istanbul.

This marked a strategic joint venture on maintenance, repair and overhaul or MRO operations in Senai Airport, Johor Baru.

“The signing is testament to the government’s efforts towards further strengthening the ongoing business linkages between Malaysia and Turkey as well as enhancing the advancement of Malaysia’s aerospace ecosystem to be a regional leader, ” said Miti.

In the meantime, Azmin has reiterated Malaysia’s clear and comprehensive exit strategy through the National Recovery Plan.

The minister shared that Malaysia was accelerating its immunisation programme, targeted to ensure that Malaysia will have a smooth and swift exit out of the pandemic and advance along the trajectory of robust and sustained economic recovery.

 source: The Star