US wanted tech safeguards from ‘unwanted hands' in Malaysia tariff talks, reveals Tengku Zafrul
KUALA LUMPUR, May 5 — Safeguarding American technology from falling into the hands of the unwanted was one of the concerns of the United States, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz revealed today.
He said during negotiations to drop the tariffs US imposed on Malaysia, he confirmed that the Americans wanted to make sure that safeguarding their sensitive US-origin technology has become a key point in ongoing bilateral discussions.
'They want to make sure their technology is not misused or diverted to other parties they have export restrictions on. Like for certain chips coming into Malaysia, they want to make sure it isn't shipped or smuggled to other nations, including how it's used.
'Secondly, they are looking to see what investments Malaysia can make with them as they feel there's a trade surplus of US$25 billion (RM105 billion). They want us to invest in industries that they feel need our support. In this case as the prime minister mentioned earlier, we have a lot invested already in bonds and equity markets,' Tengku Zafrul said during a press conference after the special Parliamentary session on US tariffs today.
Tengku Zafrul said negotiations with the US are aimed at securing zero tariffs, or at the very least, a significant reduction.
Currently, a 24 per cent tariff is imposed on Malaysian goods entering the United States.
'The government's stance when handling this matter is to be careful but stern with decisions made based on facts. We won't cave in to pressure and we welcome all suggestions,' he added.
'Meanwhile our trade with China is strong and we're actively looking to strengthen ties with other nations,' he added.
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