Malaysia, as a partner country of Brics, will closely monitor the development of US President-elect Donald Trump’s threat to impose 100 percent tariffs on Brics countries, said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz.
Trump recently made the threat against nations in the bloc if they were to create a rival currency to the US dollar.
“We are not a member of Brics. We are with countries that have just become partners of Brics. But again, I think we have to watch closely what the potential developments are that may affect not just Brics countries.
“Malaysia, like I said, we are open for business. We are open for trade and we believe that we need to engage all countries,” he told a media conference after the official ceremony of the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) “enter-into-force” countdown.
Zafrul said he believes Malaysia’s participation in a multilateral trade platform is important to improve people’s livelihoods and improve the economy to maintain prosperity and stability.
“We believe in the multilateral platforms that exist today in many countries, one being the CPTPP. And we are glad that the UK, being one of the Group of Seven (G7) countries, is also participating in the CPTPP,” he added.
Acting British High Commissioner David Wallace said while some countries are talking about tariffs going up, the UK is trying to bring tariffs down by being a member of the CPTPP.
The UK is scheduled to enter the CPTPP on Dec 15, 2024.
- Bernama
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