When trade deals turn to dust

Trade diplomacy: Trump announcing the ‘Liberation Day’ tariffs in April last year. Bilateral trade diplomacy anchored to the domestic legal machinery of another country is inherently fragile. — AFP

EARLIER this year, Malaysia’s Investment, Trade and Industry Minister told reporters that the Agreement on Reciprocal Trade (ART) between Malaysia and the United States was “null and void”. Within a day, the ministry had walked the statement back.

Then, on June 23, the minister mentioned in Parliament that the pact has yet to be ratified by either side.