Malaysia, Turkey stimulate trade through FTA
A free trade agreement (FTA) between Malaysia and Turkey will take effect from August 1, according to Malaysia’s Ministry of International Trade and Industry (MITI).
Signed in April 2014 during a Turkey visit of Malaysian Prime Minister Najib Razak, the pact will eliminate 70 percent of tariff lines between the two countries from the next month and 86 percent eight years later.
In a recent announcement, MITI Minister Mustapa Mohamed urged local businesses to grab the opportunity to access the potential Turkish market with a population of 74 million people.
The deal with Turkey has increased the total number of FTAs that Malaysia has signed to 13.
In 2014, the two countries recorded a two-way trade revenue worth 969 million USD, which are expected to reach 5 billion USD in 2020 with the help of the FTA./.