Monday, July 26, 2021

Malaysia signs joint declaration on expansion of trade agreement with Turkey

Miti says this shows the commitment of both countries to the path of progressive liberalisation at a time when new forms of protectionism are taking root.

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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, the international trade and industry ministry (Miti) said today.

In a statement, Miti said the agreement was signed between its minister, Mohamed Azmin Ali, and Turkey’s trade minister Mehmet Mus during its trade and investment mission to the country, as part of efforts to enhance bilateral trade and showcase Malaysia as an investment destination of choice.

“The signing of the joint declaration marks a resolute commitment from both countries to continue taking the path of progressive liberalisation at a time when new forms of protectionism are taking root,” it said.

Miti said a bilateral meeting between Azmin and Mahmet had discussed a wide spectrum of measures to enhance bilateral economic, trade and investment relations.

“In particular, the discussions centred on the implementation of the Malaysia-Turkey Free Trade Agreement (MTFTA) and the way forward to advance negotiations to expand it.

“Both ministers agreed to intensify efforts to conclude the text-based negotiations of the MTFTA expansion this year,” it added.

Meanwhile, at a separate event, 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 in maintenance, repair and overhaul (MRO) operations in Senai Airport, Johor Bahru.

“The signing is a testament to the government’s efforts to further strengthen the ongoing business links between Malaysia and Turkey, as well as to enhance the advancement of Malaysia’s aerospace ecosystem to be a regional leader,” said Miti.

Azmin meanwhile reiterated Malaysia’s clear and comprehensive exit strategy through the National Recovery Plan, adding that Malaysia is accelerating its immunisation programme, targeted to ensure that Malaysia will have a smooth and swift exit from the pandemic and advance along the trajectory of robust and sustained economic recovery.

“He also offered assurance of Malaysia’s commitment to ensuring the ease of doing business through business-friendly policies and comprehensive measures to solidify economic cooperation.

“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,” Miti said.

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 the countries was RM9.62 billion with Malaysia’s exports to Turkey amounting to RM7.62 billion and imports totalling RM2 billion.

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