Turkiye, Malaysia announce plans to double trade volume to $10bn

Turkiye and Malaysia have announced plans to double their bilateral trade volume to $10 billion, in aims to further strengthen relations and cooperation between the two countries..

Following a meeting between Turkish President, Recep Tayyip Erdogan, and Malaysian Prime Minister, Anwar Ibrahim, which took place during Erdogan’s visit to Malaysia on Monday and Tuesday, he announced at a press conference the decision “to increase the trade volume, which we previously set at $5 billion, to $10 billion”.

A time-frame for that goal was not revealed, but Erdogan emphasised that “we aim for a sustainable and balanced trade volume”, adding that “we are in consensus to increase the mobility and diversity in trade and investment areas with a win-win approach”.

The Turkish leader also revealed that both Ankara and Kuala Lumpur are set to establish a high-level strategic cooperation council in order to further advance their strategic partnership.

Commenting on the ambitious trade goal to double bilateral trade, Malaysian Prime Minister, Ibrahim, called it “a commitment”, stressing that “there is no reason why we cannot realise this and develop our economies. When we look at the economies of Turkiye and Malaysia, there is actually no reason not to increase mutual trade”.

Alongside that stated goal, Erdogan’s visit to the south-east Asian ally also witnessed the signing of 11 agreements between the two countries, focused on the enhancement of cooperation in numerous sectors including energy, defence and trade.

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