Kuala Lumpur – “ASWAQ”
The Malaysia External Trade Development Corporation (MATRADE) has launched Malaysia – Turkey Business Club (MTBC) to improve the communication channel between Malaysian companies and Turkish players. It was launched at a networking luncheon attended by both Malaysian and Turkish companies.
MTBC, established as a non-governmental organization to support and represent companies in various sectors, is aimed at providing a platform for Malaysian and Turkish companies to network and share useful information in creating more joint venture projects and business opportunities for trade and investment.
MTBC was formed following the Malaysia-Turkey Free Trade Agreement (MTFTA) that came into effect on 1st August 2015. Under the MTFTA, Malaysia and Turkey agreed to eliminate their customs duties at approximately 70 per cent of the total tariff lines. At the end of eight years of elimination period, Malaysia will eliminate 99 per cent of the tariff lines while Turkey is set to eliminate 86 per cent.
Since the inception of MTFTA, Malaysia’s exports to Turkey had increased by 54.5 per cent from RM2.46 billion in 2014 to RM3.8 billion in 2015, while imports were valued at RM1.85 billion in 2015 compared to RM710.7 million in the previous year.
Malaysian trade with Turkey
Malaysia’s major exports to Turkey were palm oil and palm-based products worth RM1.08 billion; textiles, clothing and footwear at RM740.9 million; chemicals and chemical products RM580.7 million; manufactures of metal RM334 million and rubber products RM283.6 million.
Main imports from Turkey were petroleum products valued at RM323.6 million; textiles, clothing and footwear RM127.7 million; chemicals and chemical products RM106.8 million; machinery, appliances and parts RM103.2 million, and processed food RM99.7 million.
Malaysia’s trade with Turkey for the period January to February 2016, increased by over 100 per cent to RM1.21 billion as compared to RM573.3 million at the same period in 2015. Growth in trade was driven by exports which rose by 136.9 per cent from RM438.1 million in January-February 2015 to RM1.04 billion in January-February 2016. Imports had also increased by 28.3 per cent from RM135.2 million in January-February 2015 to RM175.3 million for the same period in 2016.