The US has agreed to start formal negotiations with Malaysia on the 24% tariff rate for Malaysian imports, focusing on reducing the tariff, addressing non-tariff barriers, and trade imbalance, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
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00:00The US has agreed to commence formal negotiations with Malaysia on the 24% tariff rate set to be imposed on the Malaysian imports, says Tengku Datuk Seri Zafro Tengku Abdul Aziz.
00:11The Investment Trade and Industry Minister says TOPS will focus on reducing the tariff rate, addressing non-tariff barriers and trade imbalance between the two nations.
00:21Zafro said MITI has appointed its Deputy Secretary General for Trade, Amastura Ahmad Mustafa, as Malaysia's Chief Negotiator for the upcoming negotiations with the US.
00:35While the US has also named one of its Assistant United States Trade Representatives, or USDR, to lead the talks, with negotiations expected to commence soon after the signing of a Non-Disclosure Agreement, or NDA, and the Cabinet approval is secured.
00:49Zafro said the talks aim to gradually reduce tariffs, not to zero, but to levels that benefit both sides, while also addressing non-tariff barriers and ways to ease them, particularly in agriculture.
01:04As for the trade imbalance, he noted that it has already been halved over the past four years, from over US$40 billion to US$25 billion, with the US pushing for further reductions.
01:16Following recent meetings with US officials in Washington, Zafro said discussions went smoothly.
01:23He also clarified that Malaysia did not request an extension after the end of the 90-day pause in negotiations.
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