Malaysia And The US Agree To Cut Tariffs, Potentially Become Examples For Other ASEAN Countries

Illustration-(VOI)

JAKARTA - The tariff cutting agreement between Malaysia and the United States (US) has the potential to be an example for other ASEAN member countries.

This was conveyed by the Minister of Trade of Malaysia, Tengku Zafrul, on the sidelines of the 47th ASEAN Summit (KTT) in Malaysia, Sunday, October 26.

On the same day, Malaysia signed a legally binding reciprocal trade agreement with the United States.

The deal reduced the US import rate on Malaysian products from 25 percent to 19 percent, in exchange for preferential market access for a number of US products in Malaysia.

We see from talks with other Asian countries that this will continue. Therefore, we look forward to the completion of a similar agreement with other countries," Tengku said as quoted by Antara, Monday, October 27.

Ia menambahkan, kesepakatan tersebut dapat menjadi acuan atau template bagi negara-negara ASEAN lainnya dalam merancang perundingan perdagangan mereka dengan Amerika Serikat.

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He added that the agreement could serve as a reference or template for other ASEAN countries in designing their trade negotiations with the United States.