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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).
A free trade agreement (FTA) between Malaysia and Turkey will takeeffect from August 1, according to Malaysia’s Ministry of InternationalTrade and Industry (MITI).

Signed in April 2014during a Turkey visit of Malaysian Prime Minister Najib Razak, the pactwill eliminate 70 percent of tariff lines between the two countries fromthe next month and 86 percent eight years later.

In arecent announcement, MITI Minister Mustapa Mohamed urged localbusinesses to grab the opportunity to access the potential Turkishmarket 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 revenueworth 969 million USD, which are expected to reach 5 billion USD in 2020with the help of the FTA.-VNA
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