Bilateral Trade Deal Among Topics Discussed With USTR
KUALA LUMPUR, April 25 (Bernama) -- Malaysia has expressed its openness to negotiate with the United States (US) on four key areas, namely reducing the trade deficit; addressing non-tariff barriers; strengthening technological safeguards and security; and exploring a potential bilateral trade agreement.
In a statement today, the Investment, Trade and Industry Ministry (MITI) said Malaysia stands ready to continue collaborating with the US to reach mutually agreeable solutions regarding the reciprocal tariff matter announced by President Donald Trump’s administration.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has led a delegation to meet and engage with the US Secretary of Commerce, Howard Lutnick and the US Trade Representative, Ambassador Jamieson Greer in Washington DC on Thursday to discuss on the reciprocal tariff imposed by the US on Malaysia.
“Malaysia is encouraged by the recent 90-day pause on the proposed tariff measures and views it as a window of opportunity for constructive engagement.
“Malaysia has publicly stated that it will not take retaliatory action against the US but stands ready to collaborate on mutually agreeable outcomes about the concerns raised by the Trump Administration,” it said.
In both meetings, MITI stressed that the US has long been, and will continue to be, one of Malaysia’s most important and strategic economic partners.
Over the decades, MITI said American companies have made significant contributions to the Malaysian economy; this relationship has delivered tangible benefits to businesses and workers on both sides.
“MITI also highlighted the strong bilateral trade performance for the last 10 years, which has become more balanced, particularly as the trade deficit recorded by the US has shown a downward trend, reflecting beneficial changes in bilateral trade,” it said.
Therefore, MITI said Malaysia will seek to explore alternative ways to address the US concerns, while ensuring that mutually beneficial Malaysia-US trade flows continue.
Tengku Zafrul added that these first meetings with Howard Lutnick and Jamieson Greer are a step in the right direction.
“We will continue to keep the momentum by following up urgently on some of the key issues discussed since the pause started. Malaysia also stressed that all communication lines remain open, and we will continue to work towards an amicable solution,” he said.
Additionally, MITI said discussions also centred on how the US can work more closely with ASEAN, especially given Malaysia’s position as ASEAN chair this year, which is a timely opportunity to advance shared goals and regional stability.
-- BERNAMA