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Per 1 August, Malaysia-Turkey Will Run Free Trade23 July 2015 , 06:01 WIB | Read : 804 | By : Ridwan Saidi
INFO SAWIT, KUALA LUMPUR – Two countries having moslem people the most, Malaysia and Turkey, will have free trade through Malaysia Turkey Free Trade Area (MTFTA), which will run on August 1st, 2015.
It was announced by Malaysian Secretary of International Industry and Trade, Datuk Seri Mustapa Mohamed, Thursday (16/7).
“Turkey, having 74 millions, is very potential. I insisted the Malaysian businessmen to take the opportunity which is offered, undermanagement of Free Trade Area, which also supports the billateral and economicial relationship in the long term,” he said.
By the agreement, Malaysian and Turkey exporters could have the special access to their products in their own countries.
“Both countries will have 70% of the duty from the tarif post after the agreement runs. After eight years, the duty will decrease or even losss after 86% of the tarif post,” he said.
As quoted from Bernama, in 2014, the total trade between Malaysia and Turkey reached US% 969 millions. Malaysia exported to Turkey, reaching US$ 752 millions while the imports reached US$ 217 millions.
The main export to Turkey consisted of textile and clothing, chemical products and materials, palm oil, metal manufacture, rubber products, electricity and electronics.
The import from Turkey covered textile, and clothing, mechine and spareparts, steel and iron product, chemical material and products, agriculture products, electricity and electronics.
Mustapa continued, for palm oil and cocunut, Turkey has offered to reduce 30% of the income tax which the country starts from 0 – 46,8%.
“The decreasing income tax of the product basically means that Malaysian palm oil is the competitive superiority in Turkey. It is more than the same product from the other countries,” he said.
The agreement will run after four year intensive discussion of both countries, which started since May 2010. (T3)