SHAH ALAM: Malaysia has taken proactive steps in response to the tariffs announced by US President Donald Trump last Wednesday.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said these measures were taken as Malaysia anticipated potential tariff increases.
He explained that Malaysia has diversified its export markets to countries such as Kenya, Oman, and Namibia since last year, achieving new records alongside Angola with a surge of 59.3%, followed by Ethiopia (56.4%), Egypt (53.6%), and Algeria (27.9%).
"The government is also actively engaging in free trade agreements with various countries, and earlier this year, we signed the Comprehensive Economic Partnership Agreement between Malaysia and the United Arab Emirates (MY-UAE CEPA).
"Additionally, we resumed free trade agreement (FTA) negotiations with the European Union (EU) and South Korea last year.
"Another export market with significant potential is Asean, as trade is still below 25%, and as the Asean chair, one of Malaysia's focuses is to increase trade among member countries," he said in a Facebook post on Sunday (April 6).
Previously, Trump announced a reciprocal tariff of 24% on imports from Malaysia as part of a global trade war wave.
The US President also announced high reciprocal tariffs against China at 34%, the European Union at 20%, Vietnam at 46%, Sri Lanka at 44%, Cambodia at 49%, Laos at 48%, and Myanmar at 44%.
Meanwhile, Tengku Zafrul said Malaysia's strength lies in its domestic economy, driven by domestic spending, which accounts for more than 60%.
He also mentioned that the government has established the National Geo-Economic Management Centre (NGCC), chaired by Prime Minister Datuk Seri Anwar Ibrahim, to devise a comprehensive strategy to address the issue.
"At the same time, we will continue negotiations with the US government to find a win-win solution for both parties.
"Rest assured, the government will always strive to ensure the economic interests of Malaysia and its people are protected as best as possible," he added.
