This article was last updated on April 16, 2022
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While speaking to the Malaysian media before departing for Kuala Lumpur this Friday morning after his two-day visit in Ankara, the Malaysian Prime Minister Datuk Seri Najib Razak informed that the feedback from the Turkish Business Community had been encouraging.
“I see that they are interested in exploring or looking at opportunities brought about by the FTA. I believe the FTA can greatly assist us in fields that we have the edge in through reduction or abolishment of import duties.” Under the agreement, signed by the International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Turkish Economy Minister Nihat Zeybekci, both countries would eliminate or reduce duties of imports on almost 70 per cent of products upon entry into force of the FTA.
Najib said both countries would work towards achieving the target of US$5 billion (RM15 billion) bilateral trade within the next five years as requested by Turkish Prime Minister Recep Tayyip Erdogan. The current bilateral trade value is US$1.5 billion. “Although the target is huge and ambitious, we accept it positively. Through the FTA, the annual bilateral trade growth of between 10 and 15 per cent can be achieved. The FTA has opened a new era in Malaysia-Turkey relations. It will enhance trade relations and open up many opportunities to expand trade and increase the value of investment between both countries.”
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