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BUSINESS

Malaysia, Turkiye to expedite completion of negotiations on MTFTA Expansion -- MITI

07/07/2022 04:44 PM

KUALA LUMPUR, July 7 (Bernama) -- 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 Ministry of International Trade And Industry (MITI).

MITI said that included the commitment for concessions in respect of trade in services, e-commerce, and investment.

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

In committing to fast-track the completion of negotiations, MITI said both countries acknowledged 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 welcomed to use Malaysia as a hub for greater market access penetration into the world’s largest FTA, such as the Regional Comprehensive Economic Partnership (RCEP) with the member countries accounting for a third of the world's population and global gross domestic product (GDP).

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

“Malaysia, through Malaysia External Trade Development Corporation (MATRADE), 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 also facilitate the movement of professionals and skilled workers to supply their services in both Turkish and Malaysian markets.

According to MITI, Mehmet had also proposed to hold 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 that the meeting would further enhance the bilateral trade and economic ties between the two nations.

-- BERNAMA


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