Malaysia signs joint declaration on the expansion of FTA with Turkey – MITI
13 Jul 2021
Malaysia and Turkey have signed a Joint Declaration on The Expansion of The Free Trade Agreement between the two governments to reinforce the mandate in pursuing the expansion of the agreement to include chapters on services, investment and e-commerce, says the Ministry of International Trade and Industry (MITI).
In a statement today, MITI said the agreement was signed between its Minister, Datuk Seri Mohamed Azmin Ali and Turkey’s Minister of Trade Dr Mehmet Muş 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 Mohamed 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 Free Trade Agreement (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, Mohamed Azmin also witnessed the signing of a Heads of Agreement between Sapura Technics Sdn Bhd and Turkish Airlines Technic Inc in Istanbul, marking a strategic joint venture on maintenance, repair and overhaul (MRO) operations in Senai Airport, Johor Bahru.
“The signing is a 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, Mohamed Azmin has reiterated Malaysia’s clear and comprehensive exit strategy through the National Recovery Plan and shared that Malaysia is 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.
“The Senior Minister offered assurance that Malaysia is committed to ensuring ease of doing business through business-friendly policies and comprehensive measures to solidify economic cooperation.
“Further, quality and high-impact investments from Turkey are also welcomed to further catalyse Malaysia’s value creation, in line with the country’s National Investment Aspirations,” added MITI.
According to MITI, Turkey was Malaysia’s third largest trading partner and fifth source of import in the West Asia region in 2020.
Total trade between both countries was RM9.62 billion with Malaysia’s exports to Turkey amounting to RM7.62 billion and imports totalling RM2 billion.