No compromise on Bumi policy during US tariff talks, says Anwar
PETALING JAYA : Malaysia will not compromise on its Bumiputera policy during ongoing tariff negotiations with the US, said Prime Minister Anwar Ibrahim.
Anwar said that while Malaysia valued its trade and investment ties with the economic superpower, Putrajaya remained firm that there must be clear boundaries or 'red lines' in the negotiations.
'The Cabinet has discussed this multiple times, but we have our position, we have our red lines – and we're prepared to face the risks,' he said, reported Berita Harian.
'What is that red line? Do not interfere with our national policies.
'They (US) say the Bumiputera policy is discriminatory. We say it's not. Malaysia stands by the policies we have adopted… This is our red line,' he said during the monthly assembly of the Prime Minister's Department in Putrajaya.
Anwar, who is also the finance minister, added that procurement and opportunities for local companies must be protected during negotiations with the US.
He said Malaysia was committed to safeguarding its national interests while continuing to strengthen trade relations with other countries, including China and Asean member nations, to expand market access.
'We must continue to trade and engage constructively with all countries, but no country should be allowed to impose conditions that put pressure on us,' he said in a Bernama report.
Negotiations between Malaysia and the US have been ongoing following the announcement of a 25% tariff on Malaysian goods earlier this month. The tariff is expected to take effect on Aug 1.
The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2.
In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the USTR said that Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delay exports.
The report also highlighted investment barriers, particularly the requirement for 30% Bumiputera ownership in foreign-owned firms and restrictions in sectors such as oil and gas, media, and public procurement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
16 minutes ago
- The Star
Zuckerberg shares AI superintelligence vision as Meta posts results
SAN JOSE: Meta is stepping up its push to become a global leader in artificial intelligence (AI), with chief executive Mark Zuckerberg unveiling ambitions to build "personal superintelligence for everyone in the world." Zuckerberg made the remarks as the company reported stronger-than-expected second-quarter results on Wednesday, driven by a booming advertising business on Facebook and Instagram. He said Meta has begun to see early signs of AI systems capable of self-improvement - an important step toward what the company defines as superintelligence, or AI that exceeds human capabilities across the board. "The improvement is slow for now, but undeniable. Developing superintelligence is now in sight," he said. Meta, which has long used AI to personalise user feeds on Facebook and Instagram, said improved recommendation algorithms drove a 5% increase in user time on Facebook and 6% on Instagram last quarter. The Facebook parent announced it expects to make investments of at least US$66bil (RM280.6bil) this year, primarily in AI data centres, maintaining an upper limit of US$72bil (RM306.1bil). Three months ago, the company's projected minimum investment was US$64bil (RM272.1bil). Zuckerberg has been aggressively courting top AI talent and is seeking to surpass rivals including ChatGPT developer OpenAI, Google, and Elon Musk's xAI. Robust financial results are expected to power Meta's AI ambitions. In the second quarter, Meta's revenue rose 22% year-on-year to US$47.5bil (RM207.9bil), while net income jumped 36% to about US$18.3bil (RM77.8bil), beating market expectations. For the current quarter, Meta forecasts revenue between US$47.5bil (RM207.9bil) and US$50.5bil (RM214.7bil), above market expectations of around US$46bil (RRM195.5bil). Meta shares rose almost 12% in after-hours trading. – dpa
The Star
16 minutes ago
- The Star
Trump's call broke deadlock in Thailand-Cambodia border crisis
BANGKOK: First came a push from the Malaysian premier, then China reached out, but it was only after US President Donald Trump called Thailand's leader last week that Bangkok agreed to talks with Cambodia to end an escalating military conflict. A flurry of diplomatic efforts over a 20-hour window sealed Thailand's participation in ceasefire negotiations with Cambodia, hosted in Malaysia, halting the heaviest fighting between two South-East Asian countries in over a decade. ALSO READ: Hun Manet urges troop release as ceasefire holds Reuters interviewed four people on both sides of the border to piece together the most detailed account of how the truce was achieved, including previously unreported Thai conditions for joining the talks and the extent of Chinese involvement in the process. When Trump called Thai Acting Prime Minister Phumtham Wechayachai on Saturday (July 26), two days after fighting erupted along a 200-km-long stretch of the border, Bangkok had not responded to mediation offers from Malaysia and China, said a Thai government source with direct knowledge. "We told him that we want bilateral talks first before declaring a ceasefire," the source said, asking not to be named because of the sensitivity of the issue. Thailand had already made it clear that it favoured bilateral negotiation and initially did not want third-party mediation to resolve the conflict. On Sunday, a day after his initial call, Trump said that Thailand and Cambodia had agreed to meet to work out a ceasefire, and that Washington wouldn't move ahead with tariff negotiations with both until the conflict had ended. The source said as the Thai and Cambodian foreign ministries started talking, following Trump's call, Bangkok set out its terms: the meeting must be between the two prime ministers and at a neutral location. "We proposed Malaysia because we want this to be a regional matter," the source said. "The US really pushed for the meeting," a second Thai source said, "We want a peaceful solution to the conflict so we had to show good faith and accept." A Thai government spokesperson did not immediately respond to questions from Reuters. Cambodia had accepted the initial Malaysian offer for talks but it was Thailand that did not move ahead until Trump's intervention, said Lim Menghour, a Cambodian government official working on foreign policy. Prime Minister Hun Manet's government also kept a channel open with China, which had shown interest in joining any peace talks between the neighbours, he said, reflecting Phnom Penh's close ties to Beijing. "We exchanged regular communication," Lim Menghour said. On Monday, Phumtham and Hun Manet went to the Malaysian administrative capital of Putrajaya, where they were hosted by Prime Minister Anwar Ibrahim, also the current chair of Asean. At the end of their talks, the two leaders stood on either side of Anwar, who read out a joint statement that said Thailand and Cambodia would enter into a ceasefire from midnight and continue dialogue. The rapid parleys echoed efforts to diffuse severe border clashes between Thailand and Cambodia in 2011, which took several months including mediation efforts by Indonesia, then chair of Asean. But those talks had not directly involved the US and China. The fragile ceasefire was holding as of Thursday, despite distrust on both sides, and neither military has scaled down troop deployment along the frontier. Thailand and Cambodia have, for decades, quarrelled over undemarcated parts of their 817 km land border, which was first mapped by France in 1907 when the latter was its colony. In recent months, tensions began building between the neighbours after the death of a Cambodian soldiers in a skirmish in May and escalated into both militaries bolstering border deployments, alongside a full-blown diplomatic crisis. After a second Thai soldier lost a limb last week to a landmine that Thailand alleged Cambodian troops had planted, Bangkok recalled its ambassador to Phnom Penh and expelled Cambodia's envoy. Cambodia has denied the charge. The fighting began soon after. Since the ceasefire deal, Hun Manet and Phumtham have been effusive in their praise for Trump, who had threatened 36 per cent tariffs on goods from both countries coming to the US, their biggest export market. The Thai sources did not say whether tariff talks had been impacted by the border clashes. Lim Menghour said after the "positive talks, President Donald Trump also showed positive developments" regarding tariffs, without elaborating. Trump said tariff negotiations with both countries resumed after the ceasefire agreement. US Commerce Secretary Howard Lutnick said on Wednesday that Washington has made trade deals with Cambodia and Thailand, but they are yet to be announced. - Reuters
The Sun
16 minutes ago
- The Sun
Malaysia-BRICS trade hits RM818 billion in 2024, MITI reports
KUALA LUMPUR: Malaysia's trade with BRICS member countries surged to RM818 billion in 2024, making up 35.2% of the nation's total global trade, according to the Ministry of Investment, Trade and Industry (MITI). The ministry also confirmed RM104.9 billion in realised investments from BRICS nations as of last year. MITI stated that Malaysia's engagement as a BRICS partner country is a strategic move to explore market access, attract foreign investments, and assess broader implications before considering full membership. 'Although Malaysia is not yet a full BRICS member, the country has already gained economically from ties with BRICS nations, many of which are existing trade and investment partners,' the ministry said. The statement was part of a parliamentary reply to Datuk Seri Dr Ahmad Samsuri Mokhtar (PN–Kemaman), who inquired about the tangible benefits of Malaysia's cooperation with BRICS, particularly in economic development and sustainability. Prime Minister Datuk Seri Anwar Ibrahim reinforced Malaysia's commitment to multilateral cooperation during the 17th BRICS Leaders' Summit in Rio de Janeiro, Brazil, held from July 6–7, 2025. MITI noted that Malaysia's partnership with BRICS could enhance regional supply chains, expand market access, and open new investment avenues. 'Cooperation with BRICS supports Malaysia's push for a rules-based, inclusive global trading system while strengthening economic resilience against protectionism,' MITI added. The ministry also emphasised the importance of joint efforts between BRICS and ASEAN to foster mutual benefits in trade, sustainable development, clean energy, and emerging technologies. As ASEAN chair in 2025, Malaysia will lead initiatives such as the ASEAN AI Safety Network Declaration, the ASEAN AI Malaysia Summit (August 11–13, 2025), and the Smart City Expo Kuala Lumpur (September 17, 2025). These programmes will involve BRICS members like China, India, and Russia. BRICS, a forum for leading emerging economies, now includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates. - Bernama
