Malaysia and Turkey have recently signed a free trade agreement, known as the Malaysia-Turkey Free Trade Agreement (MTFTA). This agreement is set to strengthen the economic ties between the two countries and open up new opportunities for trade and investment.
The MTFTA covers a wide range of sectors, including manufacturing, agriculture, services, and e-commerce. As a result, businesses in both countries will have access to new markets and opportunities to expand their operations.
One of the key benefits of the MTFTA is that it will eliminate tariffs on a wide range of products. This will make it easier and cheaper for businesses in Malaysia and Turkey to trade with each other. It will also help to boost the competitiveness of businesses in both countries by reducing the cost of imported goods.
The agreement will also help to promote greater cooperation between Malaysia and Turkey in areas such as technology transfer, research and development, and innovation. This will help to promote the growth of new industries in both countries and create new opportunities for entrepreneurs and investors.
The MTFTA is also expected to have a significant impact on the economies of both Malaysia and Turkey. According to a report by the Malaysian government, the agreement is expected to increase bilateral trade between Malaysia and Turkey by up to 20% within the next five years. This will help to create new jobs and boost economic growth in both countries.
Overall, the Malaysia-Turkey Free Trade Agreement is an important step forward in the economic relations between Malaysia and Turkey. It will help to promote greater cooperation, boost trade and investment, and create new opportunities for businesses in both countries. As a professional, it`s important to keep up-to-date with the latest news and developments in international trade and its impact on different industries.