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MALAYSIA has responded to the tariffs announced by United States President Donald Trump last Wednesday by taking several proactive steps, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
In a Facebook post, he said these measures were taken as Malaysia had anticipated potential tariff increases.
"Malaysia diversified its export markets to countries such as Kenya, Oman, and Namibia since last year, achieving new records alongside Angola with a surge of 59.3%, followed by Ethiopia (56.4%), Egypt (53.6%), and Algeria (27.9%).
"We are also actively engaging in free trade agreements with various countries, and earlier this year, we signed the Comprehensive Economic Partnership Agreement between Malaysia and the United Arab Emirates (MY-UAE CEPA)," he said.
He said Malaysia has also resumed free trade agreement (FTA) negotiations with the European Union (EU) and South Korea last year.
Another export market with significant potential, said Tengku Zafrul is Asean, as trade is still below 25%.
"As the Asean chair, one of Malaysia's focuses is to increase trade among member countries," he said, adding that Malaysia's strength also lies in its domestic economy, driven by domestic spending, which accounts for more than 60%.
He said the government had also since set up the National Geo-Economic Management Centre (NGCC), chaired by Prime Minister Datuk Seri Anwar Ibrahim, to devise a comprehensive strategy to address the issue.
"At the same time, we will continue negotiations with the US government to find a win-win solution for both parties.
"The government will always strive to ensure the economic interests of Malaysia and its people are protected as best as possible," he added. - April 6, 2025
