One for the album: Tengku Zafrul (sixth from left) posing for a photo after the AECC meeting in Kuala Lumpur. — Bernama
Zafrul says details will be revealed during Trump’s visit this weekend
KUALA LUMPUR: Malaysia is in the final stages of negotiating a trade pact with the United States, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said more will be disclosed tomorrow when US President Donald Trump visits Kuala Lumpur this weekend for the 47th Asean Summit and Related Summits.
He said bilateral discussions on US tariffs are also expected to take place between individual countries and Washington.
“We will see whether there are any agreements that will be concluded and signed during President Trump’s visit to Malaysia,” he told reporters after attending the Asean Economic Community Council (AECC) meeting here yesterday.
Prime Minister Datuk Seri Anwar Ibrahim had earlier said that trade negotiations between Malaysia and the United States reached “some sort of conclusion”, hinting that discussions were “99.99% completed”.
On another note, Tengku Zafrul said the Asean Trade in Goods Agreement is expected to boost trade among Asean members, which currently stands at about 23-24%.
“So there is room for improvement.
“And we hope that with this upgrade, the number can go up higher than what it is today.
“Of course, the number in actual terms has been going up, but in terms of percentages, it has somewhat remained around 23% to 24%,” he added.
Asean anticipates continued growth in trade with the implementation of the Asean-China Free Trade Agreement 3.0 Protocol.
Both Asean and China are each other’s largest trading partners.
“If you look at the total trade between China and Asean, it’s close to 15%.
“With the upgrade, we will focus on streamlining and reducing red tape.
“At the same time, we are looking at new sectors to be included, like digital and green (sectors) in the agreement,” he said.
The two agreements are expected to be signed at this weekend’s summit.
Asean is also in discussion with India for the renewal of the Asean-India Free Trade in Goods Agreement.
“We are optimistic that the timeline will be met by the end of this year,” he said.
Tengku Zafrul said Malaysia has completed seven Priority Economic Deliverables (PED) as Asean Chair with another five expected to be delivered at the 47th Asean Summit and Related Summits.
The remaining six PEDs are expected to be successfully delivered by the end of 2025, said Tengku Zafrul.
“We are also very pleased to share that we have substantially concluded the Asean Digital Economy Framework Agreement (Defa) negotiations.
“The Defa, as the first region-wide digital economy arrangement, is a concrete step towards developing a comprehensive and coherent digital transformation strategy towards an Asean Digital Economy,” he said.
Tengku Zafrul said Defa aims to facilitate a seamless and secure flow of goods and services, with data security at its core.
The strategy is supported by facilitating regulations, robust infrastructure, and skilled talent.
“We look forward to concluding the negotiations and signing the Defa next year,” he added.
Tengku Zafrul chaired the AECC meeting and a special session on Defa yesterday.
