Malaysia, US ink joint statement to enhance collaboration in trade, investment - Azmin Ali

In a statement today, Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said both countries also agreed to collaborate in areas such as climate change mitigating products, digital trade, medical devices, and electrical and electronics.

"Further, both countries agree to jointly work with industry partners to enhance collaboration on semiconductor supply chain transparency, security and resilience," he said after co-chairing a semiconductor roundtable meeting with US Secretary of Commerce Gina Raimondo in conjunction with her official visit to Malaysia, today.

Azmin said the meeting was participated by leading semiconductor companies, during which they expressed views centred on three key areas namely, the impact of COVID-19 on global supply chain, how Malaysian semiconductor companies have been affected by the pandemic on the domestic and regional fronts, and the way forward for Malaysia to enhance its resilience in the global supply chain, and the role of the US to bolster these efforts.

On Raimondo's official visit to Malaysia, Azmin said it underscores Malaysia-US strong economic ties and bilateral relations underpinned by an enduring partnership built over the years.

"It is indeed significant that this visit is the first undertaken by a senior Cabinet official of the Biden-Harris administration, which has prominently reaffirmed a foreign economic policy built on the principles of a rules-based, multilateral trading system," he said.

He said Raimondo's inaugural visit started off with a courtesy call on Prime Minister Datuk Seri Ismail Sabri Yaakob where they exchanged views on a broad range of subjects, including the pandemic and economic recovery.

"Following the courtesy call, Raimondo and I held a bilateral meeting which entails discussion on the expansion of cooperation in new growth areas, including the digital economy and green technology.

"In this vein, we explored how best the US and Malaysia could work towards the enhancement of decarbonisation and measures for sustainability," he said.

Azmin said both parties agreed that COVID-19 disruptions had exposed the complexity and weaknesses of the global supply chain, thereby necessitating greater efforts in building supply chain resilience.

In this regard, he said the discussion touched on the global chip shortage which highlights the critical interconnectedness of diverse economies.

"It was agreed that Malaysia and the US, being an integral part of the global supply chain, would need to enhance economic collaboration across the board," he said.

On measures against the pandemic, he said both parties agreed that global cooperation is key to keep it under control and to navigate both economies out of the crisis.