Mtfta Goods under the Free Trade Agreement Malaysia- Turkey
MTFTA Goods Under the Free Trade Agreement Malaysia-Turkey
As two countries with robust economic systems, Malaysia and Turkey have long been engaged in international trade partnerships. In January 2015, the Malaysia-Turkey Free Trade Agreement (MTFTA) was signed, marking a new era of collaboration between the two nations. The trade agreement opened up new opportunities for businesses in both countries to expand their markets, and in turn, create more jobs and generate revenue.
One of the highlights of the MTFTA is the elimination of tariffs on a wide range of goods and services. This zero-tariff system not only benefits businesses in the two countries, but also makes these products more affordable for consumers. The MTFTA covers a wide range of sectors, from agriculture and fisheries to manufacturing and services. However, in this article, we shall focus on the key MTFTA goods.
1. Agricultural products
Malaysia and Turkey have similar agricultural industries, with both countries producing a range of tropical fruits such as pineapples, bananas, and durians. Under the MTFTA, Malaysia has removed tariffs on Turkish fruits such as grapes, figs, and apricots, while Turkey has done the same for Malaysian fruits. This has opened up new opportunities for both countries to develop their agriculture industries.
Both Malaysia and Turkey have significant fisheries industries. Under the MTFTA, Malaysian seafood exporters can now send products such as shrimp, crab, and squid to Turkey without facing any tariffs. Similarly, Turkish fish farmers can export their products such as trout and sea bass to Malaysia without any tariffs.
Malaysia and Turkey have well-established manufacturing industries, with Malaysia being a leader in the electronics and electrical sectors, and Turkey excelling in textiles, automotive, and construction materials. Under the MTFTA, Malaysian manufacturers can export products such as electronic devices, automobile parts, and plastics to Turkey without any tariffs. Turkish manufacturers, on the other hand, can export products such as textiles, ceramics, and steel to Malaysia without any tariffs.
The MTFTA also covers the services sector. This includes professional services such as accounting, architecture, engineering, and legal services. The agreement allows Malaysian and Turkish businesses to provide services in each other`s countries without facing any restrictions.
In conclusion, the MTFTA marks a significant milestone in the economic partnership between Malaysia and Turkey. The elimination of tariffs on a wide range of goods and services has opened up new opportunities for businesses in both countries. The MTFTA provides a level playing field for businesses to compete in each other`s markets, thus creating a win-win situation for both Malaysia and Turkey.