KUALA LUMPUR: Bilateral trade between
Malaysia and Turkey has the potential to touch US$5 billion after the proposed
free trade agreement (FTA) is inked this year, International Trade and Industry
Minister Datuk Seri Mustapa Mohamed said today.
He said that in 2011, the movement of goods
and services between Kuala Lumpur and Ankara stood at US$1.09 billion with
Malaysia's exports to Turkey totalling to US$930 million (US$1 = RM3).
“Malaysia is very commited for the conclusion
of the negotiations towards the realisation of the FTA.
“I hope, in another three to four months, the
negotiations can be concluded. Within a short period of time after the signing,
trade can increase,” he told reporters after opening the 3rd Turkish Products
Exhibition at Kuala Lumpur Convention Centre.
“An FTA would see a reduction in tariffs which
will ease the movement of Turkish products to Malaysia and Malaysian products
to Turkey.
“Thus, it is believed that the agreement can
increase trade as well as boost the commercial ties that the two countries
possess,” he said. Present at the function was Turkey's Customs and Trade
Minister Hayati Yazici.
Mustapa said once the agreement was sealed,
Malaysia would be the first Asean nation to sign an FTA with Turkey.
He said both countries would adopt a common
approach, namely for Turkey to regard Malaysia as its gateway to the Southeast
Asian and Asian markets, and for Malaysia to regard Turkey as a launching pad
to the markets of West Asia and the southeastern European region.
“Turkey can be the gateway for Malaysian
products and services to enter the broad market of south and eastern Europe.
“It is a market we are not familiar with and
which I believe offers good long term potential for trade in particular,” he
said.
In return, Mustapa said Turkey could
participate in Malaysia's construction and engineering sectors as well as in
halal development.
He said the proposed FTA and projected trade
growth were in line with Prime Minister Datuk Seri Najib Tun Razak's
aspirations when he made an official visit to Turkey last year.
BERNAMA
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