Former prime minister Dr Mahathir Mohamad criticised the government over the recent US-Malaysia reciprocal trade agreement, accusing Putrajaya of selling out the nation’s sovereignty to please a superpower.
Calling it modern-day imperialism, Mahathir reminded the people that Malaysia’s founding fathers had feared and warned about neo-colonialism in the past.
“It is a submission of our economic freedom, which we have worked hard to protect and build.
“So, stop cloaking it in trade and cooperation language or in diplomatic niceties - just admit that you have traded our independence because you lacked spine and were keen to please the foreign powers.
“And it is the very power that supports and commits genocide on Palestinians,” he said on Facebook today.
Potential trade issues with China
On Oct 26, Prime Minister Anwar Ibrahim and US President Donald Trump signed a reciprocal trade agreement.
Despite the government insisting the deal was mutually beneficial, some clauses indicate possible problems in relation to Malaysia’s trade with China.
For example, Article 5.1 states that if the US imposes any tariffs, quotas, prohibitions, or other trade measures against another country to protect the US’ economic and national security, Malaysia must take similar action or agree on a timeline to do so.
Meanwhile, clause 2 of the article requires Malaysia to crack down on companies owned or controlled by other countries operating in Malaysia that export below-market price goods to the US, increase the exports of such goods to the US, or whose actions harm US exports to either Malaysia or other countries.
While non-specific, the wording of Article 5.1 seems primarily aimed at China, whose economic activities Trump claimed have hurt his country.
Following US dictates
Citing examples, Mahathir said Putrajaya had agreed to purchase American goods such as aeroplanes, gas, and machines and even granted greater access to Malaysia’s rare earth elements.
He also lamented that, under the deal, Malaysia has to open its markets based on the US’ terms and conditions, including with whom Malaysia can do business.
While acknowledging there is an exit clause, Mahathir questioned whether the US administration would just accept Malaysia’s decision to cancel certain terms easily.
“And if this government is using the exit clause to get out of a lopsided deal, obviously, it doesn’t know how to cut a deal in the first place,” said the centenarian.
Yesterday, Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz stressed the caveats that would protect Malaysia’s interests.
He highlighted that the text spells out that such measures are to “address a shared economic or national security concern”.
“The keyword is ‘shared’. If it only affects US economic and national security, but doesn’t impact Malaysia... we don’t need to consider it,” he added. - Mkini
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