Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told a media conference on Sunday (Oct 26) that Malaysia can still cooperate with other nations following its agreement with the United States on enhancing cooperation in the rare earth elements (REE) sector.
Under the reciprocal trade agreement, the US government said Malaysia is committed to refraining from imposing bans or quotas on the export of critical minerals or REE to the US.
00:00There is also a few other elements in the agreement which is market access, non-tariff barriers, there's digital economy, there's supply chain, there's critical minerals and rare earth. So those are also covered as you can see from the announcement.
00:16Actually, when you look at the Section 5 of the agreement regarding national security, basically Malaysia is committing to ensure that US trade policy and its aim are extended to Malaysia. And the agreement is basically talking about how Malaysia should do. Would it actually affect our national sovereignty?
00:36No, it won't affect our national sovereignty. Because if you look at the agreement, it respects both national sovereignty. We will not sign something that will affect our national sovereignty.
00:47Dato Sri, one of the clauses here, Dato Sri, one of the clauses mentioned that Malaysia is committed to address barriers impacting digital trade services and investment. Will this affect the deal with the Communications Minister, which they have some sort of enforced social media licensing?
01:10I think it was announced by the Communications Minister.
01:15If you can be more precise in what was that, I can comment. I'm not sure.
01:20So Malaysia has committed to refrain...
01:22I know, but what is that commitment by the Ministry of Information or Ministry of Communication?
01:28It's this commitment to enforce the social media licensing or...
01:32There is not an issue in the agreement. There is no requirement in the agreement to remove it.
01:37Okay, my second question is about the REE PMO, whether the Americans are going to have a processing plan here in Asia?
01:50We are open for all countries. The MOU is not exclusive. So for US, for Japan, for Korea, for China, and of course Australia is already here. We are open for us.
02:02So for specifically, you ask, are they going to have a processing plan here?
02:06You have to ask the American companies. We are saying that we are inviting a new company. We will facilitate.
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