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FTA process between Turkey and Malaysia continues

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/01/2015 (18:03)
Sources from Turkey’s Ministry of Economy stated that Turkey and Malaysia are still at the stage of completing internal approvals for the free trade agreement which the two countries signed on April 17, 2014. Sources from Turkey have reported that the framework of the agreement has been approved by the Council and it will next be submitted to the General Assembly, adding that the procedure, however, has not been proceeding quickly.

According to the regular procedure, following the completion of the internal approval process by the two countries’ economy ministries, the Ministries of Foreign Affairs will notify each other mutually. In line with the completion of this procedure, the agreement is expected to be effective in the first day of the following two months.

Malaysia, which was removed from the list of developing countries as of the beginning of 2014, is currently subject to customs duty of 6.5% in Turkey. Following the effective date of the agreement, PVC, ABS, EPS, PS, PP copolymer, HDPE and PET products will be subject to zero tariffs with immediate effect while custom duties on homo-PP, LLDPE and LDPE products will be reduced gradually in the following four years and will be removed after the completion of four equal stages on the year.

In terms of volume for polymer trade, Malaysia’s market share in Turkey has decreased regularly since 2007 while it seems to have retreated to very low levels as of 2014. ChemOrbis Import Statistics show that Malaysia’s polymer imports to China have shrunk gradually on the year as well, matching the trend in Malaysia’s polymer exports to Turkey. Yet in the first 11 months of 2014, Malaysia exported more than 320,000 tons of polymers to China. LDPE constituted more than one third of this amount while it is followed by HDPE and homo-PP as the most commonly exported polymer products from Malaysia to China.
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