The value of trade between Malaysia and the United States (US) increased by 15.4% to RM270.88 billion for the period January to September this year, compared to RM234.68 billion in the same period the previous year.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz, informed that this significant increase shows how important the trade relationship between the two countries is.
He also stressed that any changes to US trade policies, especially tariffs, will have a direct impact on the Malaysian economy if not managed carefully.
Zafrul is of the view that if Malaysia chooses not to negotiate or impose retaliatory duties on the US, it could affect an export market worth about RM198.65 billion involving various sectors including micro, small and medium enterprises (MSMEs).
The government is currently adopting a comprehensive approach through relevant ministries to protect the country's interests in the reciprocal tax negotiations with the US, while maintaining strategic cooperation in trade and investment.
The government also aims to strengthen export competitiveness through the National Trade Plan (NTBp) and the New Industry Master Plan (NIMP) 2030.
In line with the aspirations of the 13th Malaysia Plan, the government targets an export value of more than RM2 trillion by 2030, with an average annual growth of around 5.8%.
