Malaysia, US ink statement to enhance trade and investment - Azmin

 

Malaysia and the United States have inked a joint statement that enhances future collaboration in trade, investment, industry facilitation, and technical cooperation.

In a statement today, Senior Minister and International Trade and Industry Minister Mohamed Azmin Ali said both countries also agreed to collaborate in climate change mitigating products, digital trade, medical devices, and electrical and electronic products.

“Further, both countries agree to jointly work with industry partners to enhance collaboration on semiconductor supply chain transparency, security, and resilience,” he said.

Azmin was speaking after co-chairing a semiconductor roundtable meeting with US Secretary of Commerce Gina Raimondo in conjunction with her official visit to Malaysia today.

He said the meeting included leading semiconductor companies during which they expressed views on the impact of Covid-19 on the global supply chain.

They also discussed how Malaysian semiconductor companies have been affected by the pandemic and how Malaysia could enhance its resilience and the role of the US to bolster these efforts.

On Raimondo’s official visit to Malaysia, Azmin said it underscores the strong economic ties and bilateral relations between the two countries.

“It is indeed significant that this visit is the first undertaken by a senior cabinet official of the Biden-Harris administration, which has prominently reaffirmed a foreign economic policy built on the principles of a rules-based, multilateral trading system,” he said.

He said Raimondo’s inaugural visit started with a courtesy call to Prime Minister Ismail Sabri Yaakob where they exchanged views on subjects including the pandemic and economic recovery.

“Following the courtesy call, Raimondo and I held a bilateral meeting which entails a discussion on the expansion of cooperation in new growth areas, including the digital economy and green technology.

“In this vein, we explored how best the US and Malaysia could work towards the enhancement of decarbonisation and measures for sustainability,” he said.

Azmin said both parties agreed that Covid-19 disruptions had exposed the complexity and weaknesses of the global supply chain, thereby necessitating greater efforts in building supply chain resilience.

In this regard, he said the discussion touched on the global chip shortage which highlights the critical interconnectedness of diverse economies.

“It was agreed that Malaysia and the US, being an integral part of the global supply chain, would need to enhance economic collaboration across the board,” he said.

On measures against the pandemic, he said both parties agreed that global cooperation is key to keep it under control and to navigate both economies out of the crisis.

- Bernama