M'sia secures exemptions in US tariff agreement, rate remains stable at 19%

The Star

The United States’ tariff rate on Malaysia remains at 19% with exemptions given to 1,711 tariff lines, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.  Zafrul said this after Malaysia and the United States inked the Agreement on Reciprocal Trade on Sunday(Oct 25).  He added that in fact, the US had given better access than what was offered before.  Read more at https://tinyurl.com/2kd4rnsu   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00This agreement has already been agreed before.

00:09This is the official agreement that is now, that has been done in writing.

00:16It's the same point that I also shared in Parliament before.

00:20But, so what I'm trying to say here, there's really no changes to our earlier commitment.

00:24So there's no changes from Malaysia's commitment to the United States.

00:28In fact, the United States have actually given better access compared to what was agreed before.

00:34And also some commitment to access to their market.

00:39So what has been given to us was better than what was agreed verbally or announced before.

00:46And as you know, the United States of America is one of our biggest, in fact largest trading partners,

00:51the largest export market as well for Malaysian exporters and our largest investor into the country in terms of NPI.

00:57We took a look at E&E, semiconductor, machinery, chemical, petrochemical, aerospace.

01:04Those are some of the key industries for Malaysian exporters.

01:08So by having this access to the United States and making sure that the trade flows between the two countries continue to be strong,

01:17this agreement will be good as it gives certainty to both exporters and importers and basically helping trade.

01:27And as I mentioned again before, this commitment and guarantees for now the tariff rate to be at 19%

01:35and we also have achieved a better commitment from the United States where we had exception to 1,711 tariff line

01:47from being hit at 19% and this includes export like farm oil, rubber, cocoa, aerospace equipment and also some parts of pharmaceutical.

02:04And this export collectively amounts to about 5.2 billion US dollars of our export to the United States

02:11which is about 12% of our total export.

Category

Transcript

Be the first to comment

Recommended