KUALA LUMPUR, April 29 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) has appointed its deputy secretary-general (trade) Mastura Ahmad Mustafa, one of its most experienced senior civil servants, as Malaysia’s chief negotiator for the upcoming formal tariff negotiations with the United States (US).
Its minister Tengku Datuk Seri Zafrul Abdul Aziz said the US has also named one of its assistant US trade representatives (USTR) to lead the talks, with both sides agreeing to begin discussions after Malaysia’s Cabinet gives the green light.
“We are now waiting for Cabinet approval before proceeding. The US side has agreed to engage, and both the USTR and Secretary of Commerce want to take this forward,” he told reporters during MITI’s open house here today.
Tengku Zafrul said among the key focus areas are reducing tariffs, addressing non-tariff barriers --particularly in agriculture -- and Malaysia’s trade surplus with the US, which currently stands at US$25 billion (US$1=RM4.34).
“On tariffs, we aim to reduce them -- not necessarily to zero, but to a level that benefits both sides -- while for non-tariff barriers, we are identifying fair areas to consider for easing.
“As for the trade imbalance, we have already reduced it by almost half over the last four years, from over US$40 billion to US$25 billion,” he added.
Early this month, the US announced higher tariffs on imports from about 60 countries, including on most Malaysian goods (at a rate of 24 per cent).
Subsequently, it granted a 90-day pause on the “reciprocal” tariffs for most countries to allow for trade negotiations.
On April 24, Tengku Zafrul led a delegation to meet with the US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington to discuss the tariffs.
The outcome of the first round of US-Malaysia trade talks is expected to be further deliberated at the National Geoeconomic Command Centre (NGCC) meeting tomorrow, chaired by the Prime Minister.
Tengku Zafrul also said both sides have agreed to further discussions on economic security, especially concerning technology and intellectual property protection.
“They (US) are very worried that the technology that is being developed here or being manufactured here may fall into hands that are not palatable to the US. So, again, we need to look at (how to carry out) enforcement.
“One of the ideas that we have put across is on the technology safeguard agreement, for example,” he said, adding that detailed discussions would take place once the negotiation framework is finalised.
On another note, Tengku Zafrul said the tariff action against certain Malaysian and Chinese solar panel exporters applies only to non-compliant companies.
“We assisted the companies in presenting their defence. Unfortunately, some explanations were not accepted.
“It is now a commercial decision for the affected firms whether to continue exporting (to the US) or redirect their strategy,” he said.
He also said that Malaysia has not requested an extension of the 90-day pause and will work within the given timeframe.
-- BERNAMA
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