NEGOTIATIONS WITH US ON TRADE DEALS EXPECTED TO BE FINALISED TODAY, SAYS ANWAR

By Nurul Hanis Izmir

PUTRAJAYA, Oct 22 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim has confirmed that negotiations regarding trade deals on crucial sectors, especially semiconductors, between Malaysia and the United States (US) are expected to be finalised today.

“I can say they are 99.9 per cent complete. The remaining 0.01 per cent will be finalised during the Cabinet meeting on Friday,” he told reporters when asked about the progress of the Malaysia–US trade talks during a briefing with local and international media editors here today.

Also present at the media briefing was Foreign Minister Datuk Seri Mohamad Hasan.

Anwar said the agreements, once completed, would further strengthen bilateral trade and investment relations between the two countries, particularly in key sectors such as semiconductors, digital technology, and energy transition.

“Semiconductor is one area; artificial intelligence, the digital economy and energy sectors all have a series of negotiations taking place,” he told reporters during a briefing with local and international media here today, ahead of the 47th ASEAN Summit.

US President Donald Trump, who is expected to attend the ASEAN Summit, would hold talks with Anwar, who is also the Finance Minister, on ways to expand bilateral economic ties.

The Prime Minister also said that Malaysia will continue to strengthen trade and investment cooperation with key partners, particularly in the semiconductor, artificial intelligence (AI), digital and energy sectors.

In doing so, Anwar said that Malaysia would ensure that national interests and sustainable development remain protected.

He said negotiations with the US are expected to be “tough”, but Malaysia is determined to pursue high-value collaborations that do not compromise its long-standing relations with other countries.

“The negotiations with the US are going to be tough because their intention, of course, is to meet their preference.

“We don’t have an issue with taking all measures necessary to enhance bilateral trade and investments with the US.

“But it should not preclude our collaboration and continued relations with other countries,” he said.

Elaborating on discussions with the US under the Trump administration, Anwar said several trade-related understandings are also being finalised.

“There have been discussions and negotiations in the last few months on tariff and trade-related issues, with the intention of enhancing trade and investments.

“I intend to sign some of these initial agreements and understandings with the US, and I am extremely delighted that there have been very positive developments,” he said.

Anwar said Malaysia remains open to giving due focus to the US in trade and semiconductor cooperation, while simultaneously deepening engagement with other economies.

The Prime Minister said Malaysia’s consistent policies, political stability, and commitment to economic and energy transition have positioned it as an attractive destination for investors.

“Alhamdulillah, Malaysia has existed in independence. It is now peaceful and politically stable, with well-crafted (and) clear policies for the country, which include not only economic or trade investment incentives but also energy transition and regional transformation,” he said.

During the briefing, Anwar was also asked about regional efforts to enhance local currency usage and reduce reliance on the US dollar, an issue he had previously raised at the BRICS meeting.

“I think I was explicitly clear that the term de-dollarisation can be a bit misleading, because we have to be realistic in accepting that the dollar remains the dominant currency used,” he said.

However, Anwar noted that ASEAN countries have already taken concrete steps to strengthen regional payment frameworks and increase the use of local currencies in cross-border trade.

“De-dollarisation, in our context, means that in our trade with Thailand, over 20 per cent is already conducted in local currencies. Similarly, with Indonesia and with China,” he said.

Anwar explained that these initiatives were part of the Chiang Mai Initiative, which is a regional financial cooperation framework among ASEAN+3 countries (ASEAN, China, Japan and South Korea), and that Malaysia was exploring ways to expand such arrangements.

“This is part of the initial initiative that is termed as the Chiang Mai Initiative. It is now being extended so that we can strengthen our currencies, such as the ringgit, baht, rupiah, and renminbi. We are gradually exploring that and extending it to other countries,” he said.

The Prime Minister is scheduled to chair the 47th ASEAN Summit later this week, where trade, investment and regional financial cooperation are expected to feature prominently on the agenda.

Anwar added that the government’s engagement with global leaders and major corporations ahead of the ASEAN Summit reflects renewed confidence in Malaysia’s economy and governance.

“This meeting has attracted many major players internationally, and I think that in itself would be most useful for the business community and for investment in this country,” he said.

-- BERNAMA