Ankara: Prime Minister Datuk Seri Anwar Ibrahim’s official visit to Turkiye is part of Malaysia’s strategic efforts to review and strengthen the implementation of existing Free Trade Agreements (FTAs), as stated by Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani. Johari, who accompanied the Prime Minister during the three-day official visit, highlighted the need for this approach amidst a global economic landscape increasingly focused on domestic market protection.

According to BERNAMA News Agency, the minister emphasized the importance of maximizing the benefits of the 17 FTAs Malaysia has signed, including with Turkiye, especially as countries adopt inward-looking trade strategies. He asserted that Malaysia cannot rely solely on the existence of these agreements and must ensure they deliver tangible outcomes for all involved parties.

Johari expressed his intention to review the FTAs Malaysia has signed, collaborating directly with each partner country to evaluate mutual benefits. He noted that the visit to Turkiye marked the first step in this review process, aiming to address imbalances in trade and investment flows between the nations. The minister also stressed the importance of engaging with the business community to understand on-the-ground challenges and foster trust for broader economic cooperation.

He further pointed out that strengthening FTAs should coincide with empowering small and medium enterprises (SMEs), which form the backbone of Malaysia’s economy. Johari highlighted the role of the Malaysia External Trade Development Corporation (MATRADE) in assisting SMEs to access international markets. However, he noted that the contribution of SMEs to the country’s GDP remains an area requiring more attention, with their current contribution standing at only 39 percent.

In summary, Johari underscored the necessity of leveraging FTAs to benefit Malaysia’s economy, particularly through enhancing the role of SMEs in international trade, while also acknowledging the need for technological advancements from larger developed countries.