PETALING JAYA: With about two weeks before unilateral tariffs begin, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz says meetings with the US in Washington DC are progressing well.
Tengku Zafrul states that two meetings took place between June 18 and 20 with the US Trade Representative and the US Secretary of Commerce.
He mentions both Malaysian and US representatives aim to finalise negotiations before the 90-day pause on tariff implementation ends.
“They also agreed to intensify efforts to reach an agreement acceptable to key stakeholders from both countries,” says Tengku Zafrul on Sunday (June 22).
The statement from the ministry adds that the Malaysian delegation led by Tengku Zafrul used the meetings with US officials to enhance bilateral investment and trade ties.
“This will also form part of the expected outcome of the negotiations, which Miti hopes will be finalised before the end of the 90-day pause on tariff implementation,” said the ministry.
Meanwhile, Tengku Zafrul hopes these negotiations will secure Malaysia’s supply chain and benefit Malaysian businesses, especially small-and-medium enterprises.
“All of these will further strengthen Malaysia’s position as a choice investment destination in the region, while driving the Madani economic transformation agenda towards a high-tech and higher-income nation,” he adds.
As of May this year, Malaysian exports to the US have seen eight consecutive months of double-digit growth, according to Tengku Zafrul.
“The US has been one of Malaysia’s top three export markets for the last 10 years. Much of Malaysia’s US-bound exports complement US-based industries in sectors like E&E, semiconductors, medical devices, machinery, equipment and parts,” he says.
Malaysia faces a 24% tariff on certain exports to the US unless both sides reach an agreement before the 90-day pause ends on July 8.
