Free Trade Agreement between Malaysia and Turkey

Malaysia and Turkey have been working towards strengthening their trade relations for several years. A free trade agreement (FTA) between the two countries was signed in 2014 and came into effect in 2015. This FTA covers a range of goods and services and aims to stimulate economic growth and improve the trade balance between Malaysia and Turkey.

Turkey is one of the fastest-growing economies in the world, and Malaysia has been looking to expand its export market beyond the traditional countries it has been trading with. The FTA provides an opportunity for Malaysian businesses to access Turkey`s market of over 80 million people, which has a rapidly expanding middle class.

The agreement covers several sectors, including agriculture, automotive, chemicals, textiles, and electronics. It also includes services sectors such as finance, healthcare, and education. Malaysia`s main exports to Turkey include palm oil, rubber, and electronic products, while Turkey`s main exports to Malaysia are textiles, machinery, and chemicals.

One of the key benefits of the FTA is the reduction or elimination of tariffs on goods traded between the two countries. This will make Malaysian goods more affordable for Turkish consumers, which should boost trade and stimulate economic growth.

In addition to removing tariffs, the FTA also provides a framework for cooperation on intellectual property rights, investment, and government procurement. This will help facilitate trade and investment between the two countries and provide a level of legal protection for Malaysian and Turkish businesses operating in each other`s markets.

Furthermore, the FTA also includes provisions that will enhance cooperation between Malaysia and Turkey in several areas, such as trade facilitation, customs procedures, and technical regulations. This will help reduce the time and costs associated with exporting and importing goods between the two countries, making the process more efficient and transparent.

In conclusion, the free trade agreement between Malaysia and Turkey is an important step towards strengthening trade relations and boosting economic growth. By eliminating or reducing tariffs on goods, creating a framework for cooperation, and enhancing technical and regulatory cooperation, both countries stand to benefit greatly from this FTA. The agreement provides Malaysian businesses with access to Turkey`s rapidly growing market, while Turkish businesses gain access to Malaysia`s high-quality goods and services. It is a win-win situation for both countries and will help promote economic growth and prosperity.