PETALING JAYA: With about two weeks left before the unilateral US tariffs kick in, Tengku Datuk Seri Zafrul Abdul Aziz (pic) says meetings with the United States in Washington DC have progressed well.
According to the Investment, Trade and Industry Minister, two separate meetings were held between June 18 and 20 with the US Trade Representative and the US Secretary of Commerce.
Tengku Zafrul said both Malaysia and the US representatives expressed their intent to finalise the negotiations before the expiry of the 90-day pause on tariff implementation.
“They also agreed to intensify efforts to reach an agreement that would be mutually acceptable by key stakeholders from both countries,” Tengku Zafrul said in a statement yesterday.
The ministry said the Malaysian delegation led by Tengku Zafrul ensured the meetings with the US Trade Representative and the US Secretary of Commerce were optimised as a platform to enhance bilateral investment and trade ties between the two countries.
“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,” it said.
Meanwhile, Tengku Zafrul hopes these negotiations will secure Malaysia’s supply chain and provide a positive spillover to Malaysian businesses, particularly 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 high-income nation,” he said.
As of May this year, Malaysian exports to the United States posted the eighth consecutive month of double-digit expansion.
“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 domestic industries in sectors such as E&E (electrical and electronics), semiconductors, medical devices as well as machinery, equipment and parts,” he said.
Malaysia faces a 24% tariff on certain exports to the United States unless both sides can reach an agreement before the 90-day pause ends on July 8.
