00:00Zero-duty access for over 1,300 industrial products from the U.S. could have a significant impact on local industries if not implemented cautiously, says Small and Medium Enterprises Association President William Ng.
00:15Ng said while he was not against trade liberalization, the country's long-term interests must be taken into account when opening the domestic market to foreign products without duty, Putusan Malaysia reported.
00:27Ng said U.S. products typically have advantages in terms of production scale, efficiency and technological support, which could lead to unfair competition for local SMEs.
00:39He said SMEs, particularly in the food, agriculture and light industrial sectors, may be affected if existing protections are reduced too quickly.
00:49He said trade liberalization must be strategic and based on fair reciprocity, especially in the context of trade with developed countries like the U.S.
00:58Malaysia has eliminated tariffs on 1,347 industrial products and 191 agricultural products as part of its trade liberalization commitments with the U.S.
01:09following the U.S.' move to reduce tariffs on Malaysian imports from 25% to 19%.
01:15This brings the total number of U.S. products receiving zero-duty access to Malaysia to 6,911, an increase from the 6,567 products agreed upon during previous Malaysia-U.S. trade negotiations.
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