KUALA LUMPUR: The government has enforced nine anti-dumping measures and is conducting four ongoing investigations targeting iron, steel and plastic products, says Tengku Datuk Seri Zafrul Abdul Aziz (pic).
The Investment, Trade and Industry Minister states that this action addresses imports from China between 2015 and 2023.
The ministry is authorised to conduct investigations, make determinations and recommend countervailing or anti-dumping duties to protect local industries from unfair trade practices.
This policy aligns with international regulations under World Trade Organisation agreements to ensure local industries remain unaffected by imported goods sold domestically at lower prices than in export countries.
He conveyed this in a written response to Datuk Indera Mohd Shahar Abdullah (Barisan–Paya Besar) regarding government strategies on anti-dumping and improving the shrinking trade balance.
On trade balance, Tengku Zafrul notes that Malaysia records a trade surplus for 53 consecutive months since May 2020.
As a trading nation, Malaysia practices open and progressive trade policies.
Key strategies to expand market access for Malaysian products and services include signing Free Trade Agreements (FTAs).
To date, Malaysia has entered 16 FTAs, both bilaterally and multilaterally, he says.
Tengku Zafrul mentions that the Malaysia External Trade Development Corporation (Matrade) promotes exports to new markets through its 49 trade offices worldwide.
These offices help explore new export opportunities, strengthen international business networks and coordinate Malaysian companies' participation in major trade expos, optimising benefits for Malaysia's economy.
Highlighting the ministry's efforts and cooperation among relevant ministries, Tengku Zafrul says Malaysia's export value will rise, further increasing the trade surplus.
The impact of these efforts is evident as Malaysia's trade value from January to September 2024 increased by 10.9% to RM2.139 trillion compared to the same period in 2023.
Exports rose by 6% to RM1.115 trillion, and imports totalled RM1.024 trillion, resulting in a trade surplus of RM91.21bil.
