KUALA LUMPUR: Foreign Minister Datuk Seri Mohamad Hasan says he hopes both the United States and China will “come to their senses” in the upcoming trade negotiations expected to take place ahead of the leaders’ summit.
He said this during a press conference today in response to questions about expectations for the negotiations between the two major powers.
“We have heard that there will be discussions on trade between the US and China.
“I do not have any particular expectations, but we hope that both countries will come to their senses,” he said.
Washington and Beijing have increased tariffs on each other’s exports and threatened to cut off trade in critical minerals and technologies altogether.
US president Donald Trump has also threatened to raise tariffs on Chinese imports to as much as 155 per cent from Nov 1 if a deal cannot be reached.
It was reported that US and Chinese officials began a new round of talks earlier today aimed at easing tensions between the world’s two largest economies ahead of an upcoming leaders’ summit.
When asked about the work of the Asean Geoeconomics Task Force (AGTF) group, which was established in response to tariffs imposed during Trump‘s administration, Mohamad said Asean would continue to study the group’s findings and recommendations.
“We will follow up at the official level and deliberate further on that,” he said.
Commenting on the trade agreement expected to be signed between Malaysia and the US, Mohamad said Malaysia’s current trade position, particularly in the electrical and electronics (E&E) sector, remained strong.
“I hope we can conclude the trade deal between the US and Malaysia successfully.
“What we are enjoying today, which is a 19 per cent and zero tariff on electrical and electronics (E&E), is important, as about 60 per cent of Malaysia’s exports to the US are in the form of E&E products,” he said.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia is optimistic about concluding a trade agreement with the US soon, as discussions between both governments continue on reciprocal tariffs and trade facilitation.
He said the agreement is currently undergoing legal scrubbing by both sides, as lawyers finalise the technical details before signing.
© New Straits Times Press (M) Bhd
