Malaysia to safeguard commodities in US tariff talks
PUTRAJAYA: Malaysia is making thorough preparations for official tariff negotiations with the United States, with the Plantation and Commodities Ministry emphasising the need to protect the interests of the country's commodities sector, particularly palm oil.
Minister Datuk Seri Johari Abdul Ghani stated that although the United States is not the largest buyer of Malaysian palm oil products, exports to the country remain significant and strategically valuable.
'We have provided all relevant facts and information to the Investment, Trade and Industry Ministry to be used in the upcoming negotiations.
'For example, with regard to palm oil, even though the United States is not a major buyer, we still export nearly RM4.9bil annually to that market,' he told reporters at the Malaysian Palm Oil Board's Silver Jubilee Gala Night.
Johari said Malaysia's largest export markets for palm oil currently are Europe, India, and China, which collectively contribute over 40% of total exports.
'But we cannot disregard the United States, because in addition to palm oil, we also export rubber gloves – more than RM8bil annually, wood products – nearly RM6.5bil, and cocoa – at around RM1.6bil.
'Total commodity exports to the United States alone amount to about RM20bil to RM21bil,' he noted, adding that the national commodities sector records total annual exports of around RM186bil worldwide.
Johari stressed the need to continue engagement and diplomacy efforts with major buyers worldwide, given the large demand and market capacity beyond the United States. — Bernama
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