Johari said the Malaysia External Trade Development Corporation and Malaysian Investment Development Authority were helping the ministry with the analysis.

“Specific focus will be placed on (the deal’s) impact on the country’s exports to the US, valued at RM233.1 billion, with a trade surplus of RM98.7 billion,” he said.

Johari was responding to Radzi Jidin (PN-Putrajaya), who had asked whether Putrajaya would conduct a detailed cost-benefit analysis of the trade deal before ratifying it, and which agencies would participate in the analysis.

Radzi also asked whether the government could renegotiate clauses in the deal, and what consequences scrapping the trade deal could have.

Johari said a detailed analysis would take six to 12 months, and that Malaysia had yet to receive a formal notice from the US on the timeline to finalise the ratification of the trade deal.

“Therefore, the government is reviewing ART to ensure that the country’s economic interests are safeguarded and reduce risks to the country’s trade (activities),” he said.

Critics of the deal had previously called for it to be reviewed, claiming it would undermine the country’s economic sovereignty as it forces Putrajaya to follow Washington’s rules and regulations on trade and investment.

Former Klang MP Charles Santiago said a review of the deal should include a chapter-by-chapter assessment of economic and social impacts, including job gains and losses, effects on medicine prices and healthcare costs, implications for Bumiputera businesses and SMEs, and the halal industry.

He said the study must assess the tariff revenue losses, distributional impact across sectors and groups, and any domestic legal and regulatory changes required, including alignment with US laws and standards.