KUALA LUMPUR: Malaysia will aggressively widen its trading network with other nations while taking a wait-and-see approach on the US tariffs, says Datuk Seri Anwar Ibrahim.
The Prime Minister said while there were still uncertainties over the implementation of the US tariffs, the preparatory steps must be taken to shield the nation's economy.
"We cannot be too hasty as there are uncertainties not only geopolitically but also with regard to Trump's (US President Donald Trump) decisions.
"This is because early Tuesday morning (Feb 4), he said that he is not going ahead and postponing the tariffs against Mexico and Canada.
"This policy may change or remain in a month's time," he said when answering a question by Lim Guan Eng (PH-Bagan) during Prime Minister's Question Time in Dewan Rakyat on Tuesday (Feb 4).
Lim asked on Malaysia's stand on the global trade war and whether it would support China, Mexico and Canada with regard to the US tariffs.
It was reported on Tuesday (Feb 4), Trump had agreed to postpone the 25% tariff imposed on Mexico and Canada for 30-days following talks with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.
However, the US expected to go ahead with 10% tariffs against China.
Anwar said that besides ongoing engagement with the US, several measures are being taken to sustain the nation's economic growth in light of the US tariffs.
Among them, he said, was to adopt an aggressive approach to widening and expanding trade with other nations.
"If we can expand, widen and diversify trade, I believe we will be able to hold out while pursuing ongoing engagement with the US.
"We cannot wait as the impact of the tariffs will have a negative impact on us if they are implemented," he added.
He cited the example where Malaysia, although at the initial stages of becoming a BRICS partner, has succeeded in expanding trade and opening new markets with several nations.
Besides Brazil, Peru and South Africa, Anwar said Malaysia has expanded trade with Egypt (53.6%), Angola (59%), Ethiopia (56%), Algeria (27.9%) and Libya (19.7%).
Besides this approach, Anwar said it was also crucial that the nation forges ahead with the
internal development programmes such as the National Industrial Master Plan 2030, the National Energy Transition Roadmap (NETR) and the Malaysia Digital Economy Blueprint.
He said that some RM120bil will be spent annually over the next five years for internal development programmes to spur domestic economic activities and demand.
Meanwhile, although Malaysia’s stand is in line with the concept of Asean's neutrality and centrality, Anwar said that steps must be taken to protect the economies of regional nations.
