Turkey, Malaysia resolve to expand free trade agreement

ANKARA

The Turkish and Malaysian trade ministers signed on July 13 a joint declaration to expand the existing free trade agreement (FTA) between the two countries.

The decision was made in a meeting between Mehmet Muş 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.