The government said it will continue to strengthen its cooperation with existing trading partners as well as diplomatic relations and trade diplomacy with all countries to avoid getting stuck in a trade war among developed economic powers, the Investment, Trade and Industry Ministry (MITI) said.
The ministry mentioned that Malaysia has always adhered to the policy of “not allying” with any economic power in dealing with international issues.
“Instead, the government will work to further strengthen diplomatic relations and trade diplomacy with all countries.
“At the same time, the investment and trade mission and business programmes held in conjunction with the prime minister’s (PM) official visit will also be intensified for the coming years to ensure trade relations with existing developed economic countries can strengthen while also exploring new markets,” the ministry said in a written reply to the Parliament.
MITI was responding to a question by Gombak MP Datuk Seri Amirudin Shari on measures undertaken by the government to ensure the survival of key industries and companies in lieu of the ongoing trade war between the US, China, and Russia.
Meanwhile, the ministry revealed that the government will also pay attention to emerging markets countries like Oman, Kenya and Egypt which recorded a significant increase in exports for the period from January to September 2024 as a result of the export diversification strategy.
“Apart from the trade missions, the PM has also carried out leadership-level visits to countries with high potential to increase investment and trade,” MITI said, adding that these high-level visits also aim to strengthen diplomatic and trade relations with the countries visited.
“For example, the visit to Russia in September 2024 not only has strengthen the diplomatic ties between Malaysia and Russia, it also opens up space to further increase trade relations between the two countries including the country’s participation in BRICS,” the ministry said.
To reduce dependence on raw materials, especially imports from countries involved in trade wars, MITI said the government will continue to encourage and emphasise local industries to use domestic resources by giving priority to supply sources from the ASEAN region to ensure the stability of the supply chain.
The ministry also highlighted that the government is working on finalising the negotiation for several new free trade agreements to open the market for more stable and competitive Malaysian exports.
Source: Business Today
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
