MALAYSIA-TURKEY FTA TO BE FAST TRACKED, SAYS MITI

KUALA LUMPUR, June 4 (Bernama) -- Malaysia and Turkey have agreed in
principle that negotiations on their free trade agreement (FTA) will be fast
tracked with targeted completion by the first half of 2011.

According to the Ministry of International Trade and Industry, trade
officials from the two countries will meet for a second round of negotiations
from August 23 to 25, 2010.

"Subsequent meetings will be held at three-month intervals," the ministry
said in a statement Friday.

The first meeting between Malaysian and Turkish officials on the FTA took
place in Ankara, Turkey, from May 31 to June 1, 2010.

At the meeting, both countries agreed on the scope, coverage and terms of
reference for negotiations.

The Malaysia-Turkey FTA is expected to boost trade and investment between
the two countries.

For the first quarter of 2010, bilateral trade between the two countries
stood at RM614.4 million (US$1=RM3.27), with exports amounting to RM488.1
million and imports at RM126.4 million.

Last year, total trade in goods between Malaysia and Turkey amounted to
RM2.1 billion, down from RM3.2 billion in 2008.

Malaysian exports to Turkey declined to RM1.7 billion from RM2.7 billion a
year earlier while imports from Turkey were worth RM462 million, up from RM318
million previously.

-- BERNAMA



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