00:00Investment, Trade and Industry Minister Tengku Zafrul Aziz said Malaysia would have been subjected to higher tariffs if the trade agreement was not signed with the U.S. on Sunday.
00:11He said the Malaysia-U.S. Reciprocal Trade Agreement lowered tariffs from 25% to 19%, removing 1,711 tariff lines valued at RM22 billion, adding that without the deal, investor confidence could have been shaken.
00:26He said not signing the deal immediately would have adversely affected Malaysia's competitiveness, investments and jobs.
00:34He said the trade agreement would enhance Malaysia's predictability and stability in conducting business, key factors that investors look for before deciding to invest in the country.
00:44Under the Malaysia-U.S. Reciprocal Trade Agreement, Malaysia has committed to providing significant preferential market access for U.S. industrial goods, including chemicals, machinery and electrical equipment, metals and passenger vehicles, as well as agricultural products such as dairy products, poultry and rice.
01:03The U.S. meanwhile will maintain a 19% reciprocal tariff on Malaysian goods, with certain products receiving a 0% tariff under a list of aligned partners.
01:12Natasha Bust, FMT
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