KUALA LUMPUR, April 7 (Xinhua) -- Malaysia will implement strong measures to mitigate the impact of the U.S. tariffs imposed on Malaysia, Investment, Trade and Industry (MITI) Minister Tengku Zafrul Abdul Aziz said on Monday.

Among these steps are redoubling efforts in alternative markets in Latin America, Africa and the Middle East, and coordinating with members of the Association of Southeast Asian Nations (ASEAN), he told a press briefing here.

"MITI will also consider the establishment of a tech safeguard agreement to protect Malaysia's semiconductor and aerospace exports," he noted, adding that sectoral exemptions will be negotiated.

Zafrul also said the National Geoeconomics Command Centre (NGCC) will begin its work, with his ministry currently conducting a sectoral impact study focusing on key export sectors to the United States, and the findings will be presented to the NGCC, which consists of various ministries, including the finance ministry, MITI, economic ministry, foreign ministry, and other agencies.

Other initiatives include the upgrading of the ASEAN Trade in Goods Agreement during Malaysia's ASEAN chairmanship in 2025, along with other ASEAN FTA upgrades, including those with China and India, and negotiations on the Malaysia-European Free Trade Association (EFTA is the intergovernmental organization of Iceland, Liechtenstein, Norway and Switzerland) Economic Partnership Agreement. Enditem

Related

Go to Forum >>0 Comment(s)