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Malaysia, Turkiye to expedite negotiations on free trade agreement expansion

The Malaysian Insight - 07 July 2022

Malaysia, Turkiye to expedite negotiations on free trade agreement expansion

Malaysia and Turkiye have committed to continue to work expeditiously to accelerate the completion of negotiations on the expansion of the Malaysia-Turkiye Free Trade Agreement (MTFTA) as soon as possible, says the International Trade And Industry Ministry (MITI).

MITI said this includes the commitment for concessions with regard to trade in services, e-commerce, and investment.

“This was the highlight of the outcomes of the bilateral meeting between International Trade and Industry Minister Mohamed Azmin Ali and Turkish Trade Minister Mehmet Mus in Istanbul yesterday,” MITI said in a statement today.

In committing to fast-tracking the completion of negotiations, MITI said both countries acknowledge that such an expansion offers immense opportunities for Malaysia and Turkiye to enjoy and optimise their respective trade balance.

As such, it said Turkiye is welcome to use Malaysia as a hub for greater market access into the world’s largest free trade agreement, such as the Regional Comprehensive Economic Partnership, with member countries accounting for a third of the world’s population and global gross domestic product.

MITI said both countries had also agreed they should optimise and utilise the tariff concessions made available under the MTFTA.

“Malaysia, through Malaysia External Trade Development Corporation, has offered to embark on technical cooperation and capacity-building activities with the relevant trade authorities in Turkiye to further enhance trade performance,” it said.

It added that the expanded MTFTA package would facilitate the movement of professionals and skilled workers to supply their services in both Turkish and Malaysian markets.

According to MITI, Mehmet had proposed holding a Joint Economic Trade Council meeting with Malaysia in Turkiye by the third quarter of this year.

Azmin welcomed the proposal as he is confident the meeting would further enhance bilateral trade and economic ties between the two nations. – Bernama, July 7, 2022.

 source: The Malaysian Insight