KUALA LUMPUR: Malaysia will take cautious steps to prevent product dumping in the local market created by the diversion from the trade wars, International Trade and Industry Minister Darell Leiking said.
He said the ministry was aware of the possibility of import product dumping in the local market as global traders seek to elude the US-China trade war.
“That is the one that we are concern about because we don’t want them to divert their trade and then dump into our country but we want them to look for opportunities with our country,” he said after officiating at the Malaysian Oil and Gas Services Exhibition and Conference.
However, he said the ministry had acknowledged that trade diversion could positively impact the Malaysian market as an alternative investment destination.
“We welcome people who are diverting their business to Malaysia. We can also facilitate them to do other business and also to probably leapfrog them to other countries in Asia or Asean,” he said.
Darell also called for Asean countries to work together to cushion any possibility of a global effect from the trade war.
“Any trade war will affect any economy ... the solution is Asean must group together to protect our economies so we will not be greatly affected.
“In fact, we should offer other nations, including the US and China, the opportunity to trade with us,” he said.
He said Asean, with a population of 640 million, was a huge market to tap.
Nevertheless, he said the US and China must come to their senses to realise that the trade war created had affected the livelihoods beyond the two economic powerhouses.
“Whatever they decide, although it involves protectionism and pride of their nation, they should also consider the effect on those who are working and trading with them.
“We want them to solve their problems amicably, not for their own interest but for the interest of the world,” he added. — Bernama