Malaysia Negotiating Terms Of MoU On US Tariffs - Mohamad Hasan

KUALA LUMPUR, Feb 10 (Bernama) — Malaysia is currently negotiating the terms of the memorandum of understanding (MoU) related to the United States (US) tariffs, said Foreign Minister Datuk Seri Mohamad Hasan.

He said the negotiations are being carried out by the Ministry of Investment, Trade and Industry (MITI).

“We signed the MoU, but we have not negotiated the specific terms. Once the terms have been harmonised, we will ratify the agreement,” he said during the Minister’s Question Time in the Dewan Rakyat today.

He said this in response to a question from Lim Guan Eng (PH-Bagan) on the steps taken by Malaysia in response to the implementation of tariffs by the US.

Mohamad said Malaysia will negotiate directly with the US, as there are matters that need to be analysed in detail.

Meanwhile, in his reply to a supplementary question from Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) on rare earth, Mohamad said that he had discussed the matter of critical minerals with other foreign ministers.

“We do not have legislation on critical minerals as yet, but they have already identified more than 60 minerals classified as critical minerals.

“The US intends to form a bloc to control critical minerals globally because they have fallen far behind compared with another country. They are struggling because the other country’s technology is more advanced.

“The US has suddenly realised that they need critical minerals for the latest technology, so they want to form an alliance, create stockpiles of critical minerals, and they have proposed this to us,” he said.

Mohamad said Malaysia has taken note of the matter and wants to ensure that critical minerals are properly managed, while emphasising that minerals fall under the State List and come under the purview of the state authority.

He added that Malaysia no longer allows minerals to be exported in raw form. Instead, Malaysia wants the minerals to be processed domestically to add value.

— BERNAMA