Miti to examine US trade deal for potential unfair clauses

Critics of the trade agreement Malaysia signed with the US on Oct 26 claim it will undermine the country’s economic sovereignty.

Titiwangsa MP Johari Ghani has been tasked with helming the investment, trade and industry ministry after a Cabinet reshuffle which saw him move from his former position as plantation and commodities minister. (Facebook pic)

PETALING JAYA:

 Investment, trade and industry minister Johari Ghani said today his ministry will examine the recent trade deal Malaysia signed with the US, and pursue renegotiation if any terms are found to be against the country’s interests.

“We cannot back out from what we have already agreed on,” he told reporters after officially clocking in for the first time at the ministry today.

“But we want to go through any parts of the deal which we feel are unfair so that we can renegotiate them.”

Critics of the trade agreement Malaysia signed with the US on Oct 26 claim it will undermine the country’s economic sovereignty as it forces Putrajaya to follow Washington’s rules and regulations surrounding trade and investment.

Among those against the agreement are former prime minister Dr Mahathir Mohamad, who claimed it was unconstitutional as it contradicted several provisions of the Federal Constitution concerning Malay and Bumiputera rights, as well as the position of the Malay rulers and state governments.

However, his claim was dismissed by former investment, trade and industry minister Tengku Zafrul Aziz, who stressed that Bumiputera rights remained a red line that was defended in negotiations held before the deal was signed.

Prime Minister Anwar Ibrahim, who previously said the Attorney-General’s Chambers was consulted before the deal’s signing, has insisted that Malaysia can terminate the agreement if necessary.

Helping SMEs grow

Johari said one of his priorities at the ministry was to boost Malaysia’s economy with domestic protection policies, noting that many developed countries were taking similar measures.

The Titiwangsa MP pointed out that although the country’s GDP expanded significantly between 2015 and 2024, the growth of SMEs during the same period had been comparatively modest.

“Over that 10-year period, SMEs’ contribution to the country’s GDP grew from 37% to 39%. That’s only a two-percentage point increase, which is something we will look into,” he said.

Johari also said he would first focus on gathering feedback from ministry staff to assess the real state of the economy.

“I didn’t come here to create ‘miracles’. I’m here to get feedback from the ministry staff, and then we will begin our diagnosis based on statistical data.

“We will then share the results with the Cabinet,” he said.

Johari has been tasked with helming the investment, trade and industry ministry after a Cabinet reshuffle announced by Anwar yesterday, moving from his former position as plantation and commodities minister. - FMT