Turkey, Malaysia To Sign Fta Today

Turkey and Malaysia will sign a Free Trade Agreement (FTA) Thursday marking the 50th year of bilateral relations between the two countries during Malaysian Prime Minister Najib Razak's official visit to Turkey.



Attending a conference at Ankara-based think tank Foundation for Political Economic and Social Research (SETA) alongside Turkey's Foreign Minister, Najib Razak emphasized the role of the Justice and Development (AK) Party - the ruling party in Turkey since the 2002 general elections - in advancing the country's economy.  



"There is great economic progress and development in the Asian region. It has an ever-increasing share in the world economy," Najib stressed.



Commending the FTA scheduled to be signed this evening during a ceremony attended by Turkish Prime Minister Recep Tayyip Erdogan, Najib added, "This will be a historic agreement."  



Meanwhile, Turkish FM Ahmet Davutoglu expressed his honor at hosting Najib, who has served in various cabinet positions - such as the ministries of national education, defense and culture - since 1986.



Najib later delivered a speech at a working lunch with Turkish Deputy Prime Minister Ali Babacan at Ankara's TOBB University of Economics and Technology.



"Turkey is proud of the Free Trade Agreement with Malaysia that will offer unique opportunities," Babacan said, noting that negotiations had started in 2011.



"The deal will constitute a key foundation for the progress of trade and investment between the two countries," he added. 



During PM Erdogan's January 9 visit to Malaysia for the 50th anniversary of bilateral relations, Turkey and Malaysia had signed a Strategic Cooperation Action Plan agreement - Turkey's fifth such agreement with a South Asian country after those with China, South Korea, Indonesia and Japan.



The visit was Erdogan's fourth to Malaysia since his term as Istanbul mayor.



Malaysia is Turkey's third largest trading partner in Southeast Asia. In 2010, Turkish exports to the country were US$225 million, while imports stood at US$1.124 billion.



Turkey mainly exports defense industry products, carpets, flooring products, machinery, transport vehicles, tobacco and food products to Malaysia, while imports include animal fats, vegetable oil, electronic products, machinery, transport vehicles, textile products and garments. 



Malaysia has a 0.19 percent share of Turkey's total exports, and its share in imports is 0.60 percent.



englishnews@aa.com.tr - Ankara