Sabah – Turkey and Malaysia have signed a free trade agreement (FTA) to boost their bilateral trade to an annual USD 5 billion, up from last year’s USD 1.5 billion as decided upon during Turkish Prime Minister Recep Tayyip Erdogan’s visit to the Southeast Asian country last January.
Inked during Malaysian Prime Minister Najib Tun Razak’s visit to Turkey, , the deal is expected to enter into effect by June, following ratification by both countries’ parliaments.
Speaking at the ceremony, Prime Minister Erdogan said that his January visit to Malaysia had proved successful as both sides expressed willingness to boost bilateral trade to at least USD 5 billion. “The required legislation for the FTA with Malaysia will be followed by steps towards attaining a ‘strategic partnership’ level”, he noted.
His Malaysian counterpart said that the new trade volume goal was exciting for the business communities of both Turkey and Malaysia.
Under the provisions of the FTA, all customs duties on all industrial products will be lifted over the next 8 years.