Malaysia hoping for good outcome at US-China trade talks, says Azmin

Economic Affairs Minister Azmin Ali says Malaysia will not take a unilateral position on the US-China trade dispute.

KUALA LUMPUR: Malaysia is looking forward to a constructive outcome at the US-China trade talks in early October aimed at ending the tariffs war between the two countries, Economic Affairs Minister Azmin Ali said.

He said the trade dispute is detrimental to the interests of all nations, more so in the case of smaller economies.

“Rather than taking a unilateral position on this, we look forward to a positive and constructive outcome when the world’s two largest economies return to the negotiating table in early October,” he said in a statement today.

At the same time, Azmin said Malaysia must continue to strengthen its relationship with its Asean partners and pursue synergistic collaboration with both China and the US.

He said Malaysia believes that working within such a multilateral framework is the best way going forward for the benefit of all.

Reports said both Beijing and Washington had again raised tariffs on Sept 1, with the US planning to add more on Oct 1.

Uncertainties over the trade war are hitting both the advanced and emerging economies.

Singular Asset Management Sdn Bhd founder and chief investment officer Teoh Kok Lin told Bernama recently that Malaysia, being a major trading nation, was among those affected.

“If the trade tension gets too intense and further dampens the global economy, we need to start thinking of other supply chains and not solely depend on the US and China as our supply base,” he said.

To this end, Teoh urged the business community to not only look at the manufacturing sector, but also focus on other sectors, namely tourism and education as major revenue generators for the economy.