Malaysian Prime Minister Datuk Seri Anwar Ibrahim announced a strategy to aggressively expand trade partnerships to mitigate global trade tensions. Key focus areas include strengthening ties with Africa and Latin America and adopting an independent, neutral approach in line with ASEAN policies. The initiative responds to questions about the implications of U.S. tariffs on Malaysia’s economy.
On February 4, Malaysian Prime Minister Datuk Seri Anwar Ibrahim announced that the country will adopt a more vigorous strategy to forge new trade partnerships. This initiative aims to alleviate the adverse effects stemming from global trade tensions. The government’s focus will be on enhancing trade relations with nations in Africa, particularly South Africa and Ethiopia, as well as with Brazil and Peru in Latin America, and Russia.
Addressing questions in the Dewan Rakyat, Anwar emphasized the importance of Malaysia and the ASEAN network taking a stance that prioritizes both independence and regional economic interests. He asserted that the country’s trade policy aligns with ASEAN’s principle of centrality, promoting an independent and neutral approach while engaging with all nations.
In response to inquiries from Lim Guan Eng (DAP-Bagan), who raised concerns about the global trade war precipitated by U.S. tariffs, Anwar confirmed that Malaysia aims to remain economically secure. Guan Eng also questioned whether Malaysia would align with countries like China, Canada, and Mexico, seeking clarity on measures to shelter the Malaysian economy from tariff-induced impacts.
In recent times, global trade has become increasingly fraught with tensions, chiefly due to policies such as tariffs imposed by the U.S., which have triggered retaliatory actions from other nations. As a response, countries like Malaysia are looking to diversify their trade relationships to ensure economic resilience. By strengthening ties with emerging markets and aligning trade strategies with regional partners, Malaysia hopes to effectively navigate these turbulent waters.
In summary, Malaysia is proactively responding to global trade tensions by pursuing an aggressive strategy to expand its trade partnerships. This approach emphasizes the importance of independent and neutral policies that safeguard the nation’s economic interests, particularly in engaging diverse regions such as Africa and Latin America. By establishing robust trade relations, Malaysia aims to enhance its economic stability amidst the challenges posed by international tariff wars.
Original Source: theedgemalaysia.com