KUALA LUMPUR: Malaysia is committed towards strengthening and deepening bilateral trade relations with the United States following changes in the Trump administration.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said new approaches would be explored, including the option of reactivating the Trade and Investment Facilitation Agreement, to improve trade between both countries.
The US is Malaysia’s third largest trading partner, as well as the country’s largest investor in the electrical and electronic sector.
“Maybe, in the fourth quarter, we hope to come up with a concrete proposal that will help kick start lasting trade ties between Malaysia and the US.
“So, for the past five months, our relations have been rather strained and needs to be corrected as they were very good before,” he told reporters at an Aidilfitri open house with the private sector hosted by the International Trade and Industry Ministry (Miti) and its agencies in Kuala Lumpur on Tuesday.
Mustapa was asked to comment on a report that the US and Malaysia would establish working groups to address trade matters such as labour, intellectual property and environment.
Quoting US officials, the turn of event emanated from a meeting between Malaysian authorities and US Trade Representative officials recently.
The US is holding talks with key trading partners across Asia, reflecting the priority the Trump administration places on deepening trade ties with countries in the region.
US President Donald Trump withdrew the US from the Trans-Pacific Partnership (TPP) in January as part of the new administration’s retreat from trade liberalisation.
“Our ties with the US are very important. As TPP did not happen, we have to find a new method, and we will think how we can re-engage to rebuild Malaysia and US economic relations,” Mustapa said.
Over 2,000 guests, including representatives of foreign missions and chambers of commerce, private sector senior executives, and government officials were present.
Miti also entertained 20 orphans from Pertubuhan Kebajikan Anak-Anak Yatim Al-Nasuha here. - Bernama
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