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.
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