Latest news with #economic reforms
Malay Mail
3 hours ago
- Business
- Malay Mail
Tengku Zafrul warns against poor trade deals as Malaysia continues US tariff talks
KUALA LUMPUR, July 16 — The government's negotiating position aims to ensure that any agreement reached supports the country's economic reforms and sustainable growth strategies. Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said negative long-term outcomes are not what the public wants, nor what current and future taxpayers need. '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. 'Our objective is simple: we want to ensure that any agreement supports an open, rules-based and fair, multilateral trade, with the World Trade Organisation at its core,' he said in his keynote address at the International Healthcare Week (IHW) 2025, here today. The minister emphasised that any agreement should also safeguard market access, while recognising the need for emerging countries like Malaysia to develop sustainable supply chains and economies. 'Just like other countries, we value our economic ties with the United States (US). In 2024, total Malaysia-US trade rose nearly 30 per cent to RM324.9 billion (US$71.4 billion), with Malaysia being an important source for key products such as electrical and electronics (E&E) (+ semiconductors); machinery and equipment; rubber gloves, wood-based products and palm oil,' he said. As trade negotiations are a complex multi-stakeholder process, Tengku Zafrul said relevant ministries and agencies must be consulted to minimise conflict and ensure a smooth implementation post-negotiation. 'For context, the average duration for a regular trade negotiation is 18 months. For MITI, the fastest on record thus far is 11 months,' he said. Tengku Zafrul highlighted several red lines that the MADANI government will not cross in trade negotiations, including sacrificing the country's sovereignty or sidelining other trading partners in trying to close a trade deal. Meanwhile, he said Malaysia still has until August 1 to negotiate with the US regarding the 25 per cent reciprocal tariff imposed by the country thus far. He made this comment in reaction to Donald Trump's recent announcement regarding a 19 per cent reciprocal tariff on Indonesia, which has not yet provided any official statement on the issue. 'I have no further information regarding that (reciprocal tariff rate on Indonesia). What we know is based on the announcement made by the US president. We are now waiting to see what will be announced by the Indonesian side. 'As for Malaysia, 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
Bloomberg
2 days ago
- Business
- Bloomberg
Merz's Domestic Stumbles Show His Power Base Is Under Strain
Chancellor Friedrich Merz spent the first weeks of his tenure bolstering Germany's standing on the global stage, but domestically he's stumbled, casting doubt on his ability to implement economic reforms. The latest blow was the failure to elect three new judges to Germany's top court. Votes in the lower house of parliament — which should have been procedural since the ruling parties agreed on the justices in advance — were pulled at the last minute on Friday after it became clear that Merz's conservatives weren't going to fully support a candidate proposed by the co-ruling Social Democrats.
