Turkey is quite positive about concluding the ongoing talks with Malaysia on the Free Trade Agreement (FTA) by June this year, making Malaysia the first ASEAN country to have an FTA with Turkey.
If inked, the agreement would facilitate trade of several items, including textiles, garments and machineries, between the two nations.
A statement released by the Istanbul Chamber of Commerce (ICOC) quoted Turkey Director General for EU Affairs, Murat Yapici, saying that through diversification of the trade composition, the FTA would help in enhancing the bilateral trade volume in a more sustainable and balanced pattern.
The two countries, till date, have concluded seven rounds of negotiations that started in May 2010, and are quite close to ink an agreement with only a few matters remaining undecided.
Once the FTA takes form, it would considerably boost the export potential of the two nations with respect to items like textiles, garments, footwear and agricultural goods.
As stated by Yapici, the geographical location of the two countries provides them an opportunity to turn themselves into a base for advantaging from the prospects of their respective regions.
With its significant economic strength, Malaysia as an ASEAN nation is of much importance to Turkey, Yapici said. As such, Turkey has always given preference to improving its trade and economic relations with Malaysia, he added.
During 2011, Turkey exported around US$ 182 million worth of goods to Malaysia, while its imports from Malaysia stood at around US$ 1.567 billion.
Fibre2fashion News Desk - India
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