Malaysia will not bow to external pressure that undermines national policy - PM

PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has stressed that Malaysia will not bow to pressure that could undermine national policies, including negotiations with the United States (US) related to tariffs.

AI Brief

Malaysia draws a red line on preserving the Bumiputera policy in trade talks, even if deemed discriminatory.
Anwar emphasises protecting local companies in negotiations, especially with the US.
Malaysia aims for firm, balanced trade ties with the US, China, and ASEAN while safeguarding national interests.

He said that although investment and trade with the US are significant, Malaysia has a "red line" in negotiations -namely the Bumiputera policy - which must not be compromised, even if it is perceived as "discriminatory" by external parties.

In addition, Anwar, who is also the finance minister, stated that procurement and opportunities for local companies must also be protected in negotiations with the US.

He added that Malaysia's approach is more thorough and firm in order to safeguard national interests, while continuing to strengthen trade relations with other countries, including China and ASEAN, as a step to expand market access.

"That is our red line in negotiations (on tariffs), which is why our approach is more careful and firm.

"We must continue to trade and engage well with all countries, but no country should be allowed to impose conditions that pressure us," he said during a monthly meeting with staff of the Prime Minister's Department (JPM) here today.

Anwar said that his close ties with world leaders, particularly in Brazil and Egypt, have opened up strategic economic opportunities for Malaysia to strengthen its economic resilience.

He stated that as a result of his good relationship with Brazilian President Luiz Inacio Lula da Silva, Petronas was invited to participate in oil exploration and production in the country, while Yinson Holdings is involved in the construction of oil and gas vessels for the Brazilian and Peruvian markets.

"The involvement of Malaysian companies was made easier due to our strong friendship. In addition to increased trade with BRICS countries (the economic bloc comprising Brazil, Russia, India, China, and South Africa), Malaysia is opening new networks for the country's survival, (as we) cannot rely on just one country," he said.

In Egypt, Anwar said his relationship with President Abdel Fattah el-Sisi also yielded positive results, with the Egyptian government granting Proton the opportunity to make the country a production hub for the north African market. This has also contributed to a 34 per cent increase in trade with Egypt within a year.

-- BERNAMA