Home / Knowledge / News / Textiles / Malaysia-Turkey sign FTA; to benefit textiles
Malaysia-Turkey sign FTA; to benefit textiles
18
Apr '14
Malaysia and Turkey have signed a bilateral free trade agreement (FTA) that will reduce duties to zero on 70 percent of tariff lines upon entry into force of the agreement.
 
The agreement was signed by Malaysia’s Minister of International Trade and Industry Datuk Seri Mustapa Mohamed and Turkish Minister of Economy Nihat Zeybekci in Ankara, in the presence of Malaysian Prime Minister Datuk Seri Najib Tun Razak and his Turkish counterpart Recep Tayyip Erdogan.
 
Addressing a press conference in Kuala Lumpur, Rebecca Fatima Sta Maria, Secretary-General, Malaysia’s Ministry of International Trade and Industry, said the FTA is significant as both the countries are members of the Organisation of the Islamic Conference (OIC) and the Group of Developing Eight (D8).
 
As per the FTA, both countries would eliminate and bind duties at zero percent for close to 70 percent of tariff lines.
 
The textiles and apparel sector, which makes up Malaysia’s largest export item to Turkey, would also gain, as Turkey will eliminate duties on all textiles and apparel products, with the elimination on most of the items becoming effective immediately upon entry into force of the FTA, Ms. Rebecca said.
 
In addition, Turkey would also remove all existing additional duties on textiles and apparel. The additional duties range between 20 and 30 percent and affect more than 1,000 lines, she added.
 
She further informed that Turkey has also agreed not to reimpose or introduce new additional duties once the FTA is implemented.
 
Malaysia and Turkey started negotiations for the FTA in May 2010 focusing on goods. Negotiations on services are yet to start.
 
The FTA now has to be ratified as per the procedures of both countries, before it can be enforced.
 
Over the last five years, trade between Malaysia and Turkey increased by 86 percent, and it reached US$ 1.1 billion in 2013. The FTA is expected to boost the bilateral trade to $5 billion by 2018.
 

Fibre2fashion News Desk - India


Must ReadView All

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Courtesy: Heimtextil theme-park

Textiles | On 17th Dec 2017

Heimtextil’s Theme Park to offer multi-sensory impact

Titled “The future is urban”, the Theme Park at Heimtextil during...

Courtesy: Honeywell

Textiles | On 17th Dec 2017

Honeywell acquires 25 pc ownership interest in Flux

Honeywell has acquired 25 per cent ownership interest in Flux...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search