Turkey, Malaysia to sign FTA

Photo: Turkey, Malaysia to sign FTA / Turkey

Malaysia and Turkey will sign a Free Trade Agreement in conjunction with Malaysian Prime Minister Najib Razak's two-day official visit that starts Wednesday Anadolu Agency reported.

The Malaysian Foreign Ministry also hopes to conclude other memorandums of understanding between institutions of higher learning and the private sector, reported Malaysian national news agency Bernama on Wednesday.

The FTA will be witnessed by Najin and Turkish Prime Minister Recep Tayyip Erdogan.

The Malaysian contingent will include the Prime Minister's wife Rosmah Mansor, Foreign Minister Anifah Aman, International Trade and Industry Minister Mustapa Mohamed, Perak state Chief Minister Zambry Abdul Kadir and four members of the Malaysian Parliament.

Najib is also scheduled to meet President Abdullah Gul and Erdogan in a restricted meeting before a delegation meeting in Ankara.

"Both prime ministers are also expected to discuss and exchange views on regional and international issues of mutual concern," the Malaysian Foreign Ministry said in a statement Wednesday.

Najib will deliver a lecture titled "Malaysia-Turkey Strategic Partnership in a Globalising Asia" at an event organized by the Foundation for Political, Economic and Social Research and the International Strategic Research Organization of Turkey, in collaboration with the Foundation of Research on Transformation of Malaysia.

He is also expected to deliver a keynote address at a business roundtable luncheon organized by the Union Chambers and Commodity Exchanges of Turkey and the Foreign Economic Relations Board, in collaboration with the Malaysia External Trade Development Corporation.

The Turkish PM visited Malaysia on January 9, a trip that marked the 50th anniversary of bilateral relations between the two countries.

During the visit, Turkey and Malaysia signed a Strategic Cooperation Action Plan agreement - Turkey's fifth such agreement with a South Asian country after those with China, South Korea, Indonesia and Japan.

The visit was Erdogan's fourth to Malaysia since his term as Istanbul mayor.

Malaysia is Turkey's third largest trading partner in Southeast Asia. In 2013, Turkish exports to the country were US$270 million, while imports stood at US$1.2 billion.

Turkey mainly exports defense industry products, carpets, flooring products, machinery, transport vehicles, tobacco and food products to Malaysia, while imports include animal fats, vegetable oil, electronic products, machinery, transport vehicles, textile products and garments.

Malaysia has a 0.19 percent share of Turkey's total exports, and its share in imports is 0.60 percent.

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