Economy

Turkey, Malaysia resolve to expand free trade agreement

Joint declaration signed in Ankara, negotiations to begin in September

Zeynep Cetinkaya and Erhan Cihan Unal   | 13.07.2021
Turkey, Malaysia resolve to expand free trade agreement Turkish Trade Minister Mehmet Mus meets his Malaysian counterpart Seri Mohamed Azmin Ali in Ankara on July 13, 2021. ( Ercin Erturk - Anadolu Agency )

ANKARA

The Turkish and Malaysian trade ministers signed on Tuesday a joint declaration to expand the existing free trade agreement (FTA) between the two countries.

The decision was made in a meeting between Mehmet Mus and his Malaysian counterpart Seri Mohamed Azmin Ali in the capital Ankara.

Currently the FTA, which came into effect in 2015, provides tax discounts for several products in automotive, marble, iron/steel, major appliances, aluminum, plastics, glass and food industries. The countries now aim to expand it to services, e-commerce as well as investment fields.

The two ministers also highlighted cooperation potential in civil aviation, halal goods sector, and the defense industry.

Ankara and Kuala Lumpur will start discussions on the matter in September.

*Writing by Gokhan Ergocun in Istanbul

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