KUALA LUMPUR: The ongoing review of the Agreement on Reciprocal Trade (ART) with the United States will focus on protecting the Malaysian people’s best interests, security, and economic security, says the Investment, Trade and Industry Ministry.
The Ministry said this would include safeguarding Malaysia’s economic interests and ensuring the continuity of trade with the United States, one of our biggest trading partners.
“The assessment will include an examination of outcomes arising from market access through tariff reductions.
“This includes looking into any provisions that may potentially affect the country’s sovereignty and policy space in trade, industrial development, and regulatory impacts agreed under the ART,” it said in a parliamentary written reply dated Tuesday (Jan 27).
The Ministry said that the assessment would also focus on preserving Malaysia’s neutral standing on the world stage.
“It includes looking into possible improvements or implementing comprehensive safeguards to ensure any provisions implemented under ART are in line with Malaysia’s neutrality and non-alignment policy.
“This includes safeguarding our international commitments under the Charter of the United Nations (UN), the World Trade Organisation (WTO), and existing free trade agreements entered into by Malaysia,” it said.
The Ministry added that the assessment’s findings will be submitted to the Cabinet for discussion and consideration when they are complete.
The Ministry was responding to a question from Datuk Seri Dr Wee Ka Siong (BN-Ayer Hitam) on the current state of the ART review and whether the Government will look to renegotiate any terms found to be unfair for Malaysia.
The Ministry was also responding to similar questions from Datuk Ku Abd Rahman Ku Ismail (PN-Kubang Pasu) and Ahmad Fadhli Shaari (PN–Pasir Mas) on the status of the ART review.
