Malaysia Remains Committed To Being An Open Economy Amid US Policy Changes - Mohamad

KUALA LUMPUR, Feb 4 (Bernama) -- The government has reaffirmed its commitment to maintain Malaysia as an open economy that relies on international trade and is taking strategic steps to reconcile the country's interest with policy changes under the new United States (US) administration.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia will capitalise on opportunities for further strengthening bilateral relations and cooperation with the US.

He noted that the US administration’s America First foreign policy has the potential to change the country’s approach to foreign relations and thus indirectly impact Malaysia.

“As a nation whose economy relies heavily on trade, we will certainly feel the effects either directly or indirectly. However, we are carefully monitoring the situation, and reports will be presented to the Cabinet from time to time,” he said during a question-and-answer session in the Dewan Rakyat today.

He was responding to a question from Datuk Seri Hamzah Zainudin (PN-Larut) who inquired about how Malaysia, as the chair of ASEAN, would reconcile ASEAN’s relations with BRICS given the economic threat against the latter from newly elected President Donald Trump’s administration.

Mohamad pointed out that Malaysia’s foreign policy also supports the principles of multilateralism that enable the nation and the international community to address increasingly urgent global challenges.

According to him, Malaysia remains committed to forging cooperation with other countries, which has enabled Malaysia to become a BRICS partner country.

Existing BRICS member countries will also assess the extent of Malaysia’s commitment before fully accepting it as a member of the bloc, he said.

Mohamad said intra-ASEAN trade accounts for less than 25 per cent of total trade although the region has a population of nearly 700 million.

“This is one of ASEAN’s strengths, and that’s why we have seen various initiatives, including how we can form joint development areas (JDAs).

“For example, Malaysia and Thailand already have a JDA. Similarly, with Singapore, we have agreed to establish the Johor-Singapore Special Economic Zone (JSSEZ), which will further boost the economies of both countries,” he said.

Various other initiatives have also been introduced, the minister said.

“We want to ensure that intra-ASEAN trade surpasses RM3 trillion by 2030,” he added.

-- BERNAMA