‘Trade pact with US does not override Malaysian laws’
Malaysia emphasized that there is no clause in the Agreement on Reciprocal Trade with US that allows parties to override Malaysia’s laws
KUALA LUMPUR, Malaysia (MNTV) — Malaysia’s Investment, Trade and Industry Ministry (Miti) has emphasized that there is no clause in the Agreement on Reciprocal Trade (ART) with the US that allows external parties to override Malaysia’s laws or domestic regulations, reports The Edge Malaysia.
Miti said the implementation of the agreement’s commitments must always comply with local laws and regulations and go through the country’s legislative and administrative processes.
“The agreement does not undermine economic sovereignty or the protection of domestic industries,” Miti said in a written reply to the Dewan Rakyat (lower house of the parliament) released on the Parliament portal.
The ministry was responding to a question from Awang Hashim regarding the government’s assurance that the ART agreement does not affect economic sovereignty or the protection of domestic industries.
The government also explained that the agreement does not bind Malaysia to any forced commercial or investment commitments; instead, it provides opportunities for exports and investment through mutually beneficial mechanisms and policies without sacrificing the autonomy of the country’s economic policy.
Miti said that no clause in the agreement grants special rights to American companies.
“In the context of the role of government-linked companies [GLCs], ART does not limit GLCs’ role in national economic development.
In fact, the government retains full authority to determine the appropriate support, including initiatives aimed at strengthening the domestic economy and the well-being of the people,” it said.
Miti was responding to a question from Mohd Syahir Che Sulaiman on how the government ensures that the agreement does not discriminate against domestic interests, including the ability to support GLCs, digital tax collection, protection of local agriculture and fisheries industries, and the authority of the country’s strategic regulatory bodies.
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