Malaysian and Turkish businesses are being encouraged to take full advantage of opportunities offered under the Malaysia-Turkey Free Trade Agreement (MTFTA), which officially came into effect in August of this year.Both countries have set a target of increasing bilateral trade to $5 billion by 2018, thanks to the preferential access granted for products from both countries, says Malaysia's trade promotion council.On Thursday, Malaysia's external trade development commissioner in Istanbul, Idzham Abdul Hamid, said that under the agreement Turkey will eliminate all existing additional duties (ranging from 20 percent to 30 percent) on textiles, apparel and footwear, which currently affect more than a thousand tariff lines."The elimination of customs duties will ease the movement of goods, provided companies from both countries are aware and take advantage of the facility," he said.He added that among the perks of the pact both nations would eliminate and bind duties at zero percent for 70 percent of products, which after eight years, would be reduced or ultimately abolished for almost 86 percent of products.Via the MTFTA, both countries have agreed to cooperate in small and medium enterprises, Halal-related areas, the agriculture and food industry, research, development and innovation and health.For palm oil and palm products, Turkey has offered a one-off duty reduction of 30 percent from the current MFN rate (0 to 46.8 percent). "Reduction of duties on these products essentially mean that Malaysian palm oil and palm products are placed at a competitive advantage in the Turkish market, over similar products originating from other countries," Idzham said.In 2014, total trade between Malaysia and Turkey amounted to $969 million. Malaysia's exports to Turkey totaled $752 million, while imports amounted to $217 million.Year-to-date, total trade between the two stands at $691.6 million, with Malaysia enjoying a minor surplus with exports of $373.65 million against imports of $317.95 million.Key exports to Turkey comprise textiles and clothing, chemicals and chemical products, palm oil, manufactures of metal, rubber products, electrical and electronic products, while imports include textiles and clothing, machinery appliances and parts, iron and steel products, chemicals and chemical products, other agriculture produce, electrical and electronic products.Idzham said Malaysian exports that will benefit from immediate duty-free treatment in Turkey include selected textiles and apparel, electrical and electronic products, chemicals, iron and steel products, machineries, wood products, leather products and all rubber products.