Bargaining power: Tengku Zafrul speaking at the 12th Asean Finance Ministers and Central Bank Governors Meeting. — RAJA FAISAL HISHAN/The Star
KUALA LUMPUR: Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who will be heading for the United States for negotiations on the tariff issue, has assured that national interest will be protected.
The Investment, Trade and Industry Minister said the ministry’s arm in the United States has already begun work.
“I will head for the US soon to begin negotiations. Any negotiations must ensure our national interest comes first,” he said to reporters on the sidelines of the Asean Investment Conference yesterday.
Tengku Zafrul will also be chairing a meeting with Asean member states tomorrow, where matters related to the US tariffs would be discussed.
He said Asean members will have to come to a consensus on any recommendations that may be agreed upon.
“Member countries will also decide on whether they agree with the tariffs imposed and if it is reflective of what is meant by reciprocal tariffs,” he said.
Strengthening Asean trade will also be on the agenda.
Despite the different tariff rates imposed on Asean member states by the Trump administration, Tengku Zafrul said the regional grouping members would look at how they can work together to address common problems.
Discussions on the recent tariffs were held between a representative from the US Department of Treasury and senior officials at the Asean Finance Ministers and Central Bank Governors meeting on Monday.
The Finance Ministry shared on X that the US Treasury had shared its policy outlook and discussed the impact of the new tariff announcements to Asean.
On Chinese President Xi Jinping’s expected visit to Malaysia, Tengku Zafrul said increasing bilateral trade and investments would be a focus of the meeting.
“What is important to us is to continue to come up with ideas and recommendations that can increase trade and investment between Malaysia and China,” he said.
The minister said China has been Malaysia’s largest trading partner for many years.
“Investments, too, will be a key area of interest, especially in attracting Chinese companies to the region, including Malaysia.
“I will be discussing with my counterpart from China on a few things we will have to work on together,” he said.
Xi is expected to visit Malaysia as part of a South-East Asian tour.
