Update on FTA between Turkey and Malaysia
by ChemOrbis Editorial Team - content@chemorbis.com
According to a statement published in Turkey’s Official Gazette on February 20, 2015, the free trade agreement (FTA) which was signed between Turkey and Malaysia on April 17, 2014 in order to increase mutual trade was deemed suitable for approval by the Turkish Cabinet, a source from Boykan Customs Consultancy informed.
However, a source from the Ministry of Economy stated that the aforementioned decision of suitability does not mean that the agreement has become effective. As for the completion of the internal approval process, the letter of agreement should be approved by the Cabinet and subsequently be published in the official gazette. 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.
Under the approved agreement letter, HDPE, PP copolymer, PS, EPS, ABS, PVC 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 as of the effective date of the agreement.
The source from the Ministry reported that they are unable to give a specific time regarding the implementation date of the agreement, after stating all necessary steps for the completion of the internal approval process. The source also stated that they were caught by surprise by the latest decision of the suitability published on the official gazette today, even though it was not a priority in the agenda of the general assembly.
However, a source from the Ministry of Economy stated that the aforementioned decision of suitability does not mean that the agreement has become effective. As for the completion of the internal approval process, the letter of agreement should be approved by the Cabinet and subsequently be published in the official gazette. 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.
Under the approved agreement letter, HDPE, PP copolymer, PS, EPS, ABS, PVC 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 as of the effective date of the agreement.
The source from the Ministry reported that they are unable to give a specific time regarding the implementation date of the agreement, after stating all necessary steps for the completion of the internal approval process. The source also stated that they were caught by surprise by the latest decision of the suitability published on the official gazette today, even though it was not a priority in the agenda of the general assembly.
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