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Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
No compromise on Bumi policy during US tariff talks, says Anwar
Prime Minister Anwar Ibrahim today said that the US must respect certain boundaries during the ongoing negotiations on reducing the tariff imposed on Malaysian products. (Bernama pic) PETALING JAYA : Malaysia will not compromise on its Bumiputera policy during ongoing tariff negotiations with the US, said Prime Minister Anwar Ibrahim. Anwar said that while Malaysia valued its trade and investment ties with the economic superpower, Putrajaya remained firm that there must be clear boundaries or 'red lines' in the negotiations. 'The Cabinet has discussed this multiple times, but we have our position, we have our red lines – and we're prepared to face the risks,' he said, reported Berita Harian. 'What is that red line? Do not interfere with our national policies. 'They (US) say the Bumiputera policy is discriminatory. We say it's not. Malaysia stands by the policies we have adopted… This is our red line,' he said during the monthly assembly of the Prime Minister's Department in Putrajaya. Anwar, who is also the finance minister, added that procurement and opportunities for local companies must be protected during negotiations with the US. He said Malaysia was committed to safeguarding its national interests while continuing to strengthen trade relations with other countries, including China and Asean member nations, to expand market access. 'We must continue to trade and engage constructively with all countries, but no country should be allowed to impose conditions that put pressure on us,' he said in a Bernama report. Negotiations between Malaysia and the US have been ongoing following the announcement of a 25% tariff on Malaysian goods earlier this month. The tariff is expected to take effect on Aug 1. The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the USTR said that Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delay exports. The report also highlighted investment barriers, particularly the requirement for 30% Bumiputera ownership in foreign-owned firms and restrictions in sectors such as oil and gas, media, and public procurement.
Malay Mail
3 days ago
- Business
- Malay Mail
Anwar draws ‘red line' on US tariff talks, says pro-Bumiputera policy not up for negotiation
PUTRAJAYA, July 21 — Prime Minister Datuk Seri Anwar Ibrahim has stressed that Malaysia will not bow to pressure that could undermine national policies, including negotiations with the United States (US) related to tariffs. He said that although investment and trade with the US are significant, Malaysia has a 'red line' in negotiations — namely the Bumiputera policy — which must not be compromised, even if it is perceived as 'discriminatory' by external parties. In addition, Anwar, who is also the finance minister, stated that procurement and opportunities for local companies must also be protected in negotiations with the US. He added that Malaysia's approach is more thorough and firm in order to safeguard national interests, while continuing to strengthen trade relations with other countries, including China and ASEAN, as a step to expand market access. 'That is our red line in negotiations (on tariffs), which is why our approach is more careful and firm. 'We must continue to trade and engage well with all countries, but no country should be allowed to impose conditions that pressure us,' he said during a monthly meeting with staff of the Prime Minister's Department (JPM) here today. Anwar said that his close ties with world leaders, particularly in Brazil and Egypt, have opened up strategic economic opportunities for Malaysia to strengthen its economic resilience. He stated that as a result of his good relationship with Brazilian President Luiz Inácio Lula da Silva, Petronas was invited to participate in oil exploration and production in the country, while Yinson Holdings is involved in the construction of oil and gas vessels for the Brazilian and Peruvian markets. 'The involvement of Malaysian companies was made easier due to our strong friendship. In addition to increased trade with BRICS countries (the economic bloc comprising Brazil, Russia, India, China, and South Africa), Malaysia is opening new networks for the country's survival, (as we) cannot rely on just one country,' he said. In Egypt, Anwar said his relationship with President Abdel Fattah el-Sisi also yielded positive results, with the Egyptian government granting Proton the opportunity to make the country a production hub for the north African market. This has also contributed to a 34 per cent increase in trade with Egypt within a year. — Bernama
