Malaysia ensures trade deals align with economic reforms and growth policies
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz emphasised that any deal must avoid negative long-term consequences for the public and industries.
'Catchy, feel-good headlines last a few days, a week at most. However, poor deals will have long-term consequences for our people, industries, and economy,' he said during his keynote address at the International Healthcare Week (IHW) 2025.
Tengku Zafrul highlighted Malaysia's goal of fostering open, rules-based multilateral trade, with the World Trade Organisation at its core.
He stressed that agreements must protect market access while allowing emerging economies like Malaysia to develop sustainable supply chains.
Malaysia's trade with the US surged nearly 30% to RM324.9 billion (US$71.4 billion) in 2024, reinforcing strong economic ties. Key exports include electrical and electronics, machinery, rubber gloves, wood-based products, and palm oil.
Trade negotiations typically take 18 months, but MITI has completed some in as little as 11 months. The minister outlined non-negotiable principles, including preserving national sovereignty and maintaining balanced trade relations.
Regarding US-imposed reciprocal tariffs, Malaysia has until August 1 to finalise negotiations. Tengku Zafrul noted the importance of mutual benefits in any agreement, responding to recent US tariff announcements affecting Indonesia.
'We are still in negotiations. We have until August 1, so there is still time. What is important is that any negotiation must ensure mutual benefit for both countries,' he said. - Bernama
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