Turning Point in Turkey-Malaysia Relations

Turkey-Malaysia Relations Mark Turning Point Turkish exporters view the revised Free Trade Agreement (FTA) covering new areas such as services, investment and e-commerce as a turning point in Turkey-Malaysia relations, with the goal of pushing exports to Malaysia beyond USD 1 billion. Aegean Exporters Associations, in coordination with the Ministry of Trade and TİM, organized one of 2023's largest trade delegation missions on 12-15 March 2023 in Kuala Lumpur, the capital of Malaysia. The opening remarks of the Trade Delegation were delivered by Emir Salim Yüksel, Ambassador of the Republic of Turkey to Kuala Lumpur; Muhammet Öztürk, Chairman of the Aegean Cereals, Legumes, Oilseeds and Products Exporters Association; and Hairil Yahri Yaacob, Deputy Secretary General of Malaysia's Ministry of International Trade and Industry.

FTA scope expanded

Noting that Turkey's political relations with Kuala Lumpur are in very good standing, Ambassador Emir Salim Yüksel of the Republic of Turkey stated: "Relations between the two countries have been elevated from strategic partnership to comprehensive strategic partnership status. The scope of the Free Trade Agreement (FTA) that entered into force on 1 August 2015 has been expanded. We view the FTA covering new areas such as services, investment and e-commerce as an important milestone in trade between Malaysia and Turkey. We anticipate that Malaysian companies will show greater interest in high-quality and competitively-priced Turkish products. We express our gratitude for the support Malaysia provided to our country following the earthquake disaster." he said.

Nearly 300 bilateral business meetings with more than 110 Malaysian firms

Aegean Exporters Associations Coordinator Chairman Jak Eskinazi stated: "Turkey is one of Malaysia's most important trading partners. We need to conduct intensive efforts to push our exports to Malaysia, currently at USD 453 million, beyond USD 1 billion and to close our foreign trade deficit. At the same time, we need to make more efficient use of the Free Trade Agreement (FTA), which opens doors not only to merchandise trade but also to new areas such as services, investment and e-commerce. Under the coordination of the Ministry of Trade and TİM, our Association conducted Turkey's first General Trade Delegation to Malaysia on 12-15 March. Representing the food, textiles, machinery, pharmaceuticals, cosmetics, electronics and tourism sectors, 19 Turkish companies conducted nearly 300 bilateral business meetings with more than 110 Malaysian firms including supermarket chains and distributors. During the delegation, Turkish Airlines and the Presidential Investment Office also held bilateral meetings." he said.  

Cereals, legumes and oilseeds sector leads by far with USD 21.5 million in exports

Muhammet Öztürk, Chairman of the Aegean Cereals, Legumes, Oilseeds and Products Exporters Association, announcing that Turkey's exports to Malaysia reached USD 453 million with an 8 percent increase in 2022, made the following remarks: "Last year, EİB's exports to Malaysia increased by 26 percent to reach USD 36 million. Our cereals, legumes and oilseeds sector leads by far with USD 21.5 million in exports. Mining exports reached USD 2.5 million, vehicles USD 2.1 million, dried fruit sector USD 1.7 million, and aquatic products and animal products sector reached USD 1.6 million in exports. Based on the sectoral diversity in our exports to Malaysia, we structured the trade delegation to be open to all sectors."  

Bilateral trade volume increased 34 percent

Hairil Yahri Yaacob, Deputy Secretary General of Malaysia's Ministry of International Trade and Industry, pointed out that annual trade volume between the two countries increased by 34 percent from 2015 to 2022, noting that the potential is much higher, and said that e-commerce and the halal food sector could also create a roadmap for expanding commercial relations between the two countries. The opening ceremony, which was also attended by Turkey's Trade Counselors to Kuala Lumpur Setenay İyigün and Münevver Koçak, was attended by more than 100 guests, including senior Malaysian officials and representatives of professional organizations within the framework of invitations from the Trade Counselorship. Following the opening ceremony, Ambassador Emir Salim Yüksel of the Republic of Turkey made inspections in the hall where bilateral business meetings took place, held one-on-one meetings with companies, and hosted a dinner reception at the Embassy residence in honor of the delegation following the bilateral business meetings. The Malaysia Sectoral Trade Delegation organized by the Aegean Exporters Associations also received extensive coverage in the Malaysian press. Malaysia's National News Agency Bernama and The Malaysian Reserve newspaper ran headlines emphasizing the important potential in Malaysia-Turkey trade.