US tariff reduction on Malaysia, a reflection of MADANI government's diplomacy prowess
The outcome, achieved through sustained bilateral negotiations by Ministry of Trade and investment(MITI), reflects the growing strength of Malaysia–U.S. relations under the leadership of Prime Minister Dato' Seri Anwar Ibrahim and the MADANI Government.
Nga who is also UN Habitat president, said the revised lower tariff rate is a testament to the country's credibility as a reliable economic partner and to the effectiveness of Malaysia's diplomatic engagement on the global stage.
'We are grateful for this positive development. It sends a strong signal of trust in Malaysia's economic governance, policy reforms, and commitment to fair and rules-based trade.
'The 19% rate achieved without compromising our national sovereignty, underscores Malaysia's maturity in international negotiations,' said Nga.
Nga stressed that progressive trade outcomes such as this will have positive ripple effects across sectors, including construction and manufacturing.
In relations to this, Malaysia's export of furniture, lighting signs and prefabricated building materials were estimated at US$1.55 billion (about RM7 billion) in 2024.
'Lower tariffs can enable greater access to quality construction materials and technologies at competitive prices, supporting our goal to build smarter, greener and more liveable homes & cities,' he added.
Nga also warmly welcomed the announcement of the upcoming visit of President of the United States, Donald J. Trump, for the 47th ASEAN Summit in Kuala Lumpur this October, as announced by the Prime Minister during the tabling of the 13th Malaysia Plan (RMK-13) in Parliament yesterday.
'President Trump's presence in KL will further cement the ASEAN–U.S. partnership. Malaysia looks forward to showcasing its progress in sustainable development, people-centric governance, and green urban transformation under the MADANI vision,' said YB Nga.
KPKT remains committed to aligning its policies with Malaysia's broader trade and industrial strategies, and to playing a key role in building cities that are inclusive, climate-resilient, and economically competitive.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Data centres to bolster YTL Power
CIMB Research reduced its 2025 to 2027 core net profit forecasts for YTL Power by between 7% and 17%. PETALING JAYA: Despite a cut in YTL Power International Bhd 's overall profit forecasts, CIMB Research is still upbeat on the group's data centre business. The research house raised its forecast on earnings before interest, taxes, depreciation and amortisation (Ebitda) margins for YTL Power's co-located data centre segment. 'Its 160 megawatt (MW) of new capacity is factored in for YTL Power's financial years 2027 (FY27) and FY28 and upon gaining better understanding of the company's operating expenditure, we believe our previous 50% Ebitda margin assumption for the co-located data centre business was too conservative. 'Consequently, we have raised this forecast to 70%. Additionally all its existing capacity of 188MW has been leased out,' CIMB Research said. The research house said it believes YTL Power will soon start developing new phases for this segment of its business. 'We now assume an extra 160MW of capacity will go live in stages across FY27 and FY28. Thus, we project core net profit from co-located data centres will rise from RM115mil in FY26 to RM431mil by FY29. 'Excluding the 160MW in co located data centre expansion, YTL Power's fair value would be RM4.08,' the research house said. However, the research house cut its earnings forecast for the artificial intelligence (AI) data centre segment, now assuming 12MW is deployed on Nvidia's DGX Cloud from 20MW previously. The research house said YTL Power will use the remaining capacity to commercially offer its large language model and other AI solutions. Meanwhile, CIMB Research reduced its 2025 to 2027 core net profit forecasts for YTL Power by between 7% and 17%, bringing forward Ebitda per megawatt hour compression for Power Seraya but keeping long-term margins intact, while lowering AI data centre earnings. 'However, we maintain our 'buy' rating and raise YTL Power's target price by 14% to RM4.55 on higher fair value for the co-located data centre business and the Wessex Water business in Britain. Key rating catalysts are from the new 160MW co-located data centre expansion in FY27 and FY28,' the research house said. In addition, CIMB Research said projected strong Wessex Water earnings growth due to a 21% water tariff hike in Britain in April , and potential new Malaysian power plant projects also bode well for YTL Power.
The Star
an hour ago
- The Star
More local retailers looking to adopt AI
The Adyen Retail Report 2025 noted that 58% of Malaysian consumers have used AI to assist with purchasing. — Reuters KUALA LUMPUR: Malaysian retailers are looking to invest more in artificial intelligence (AI) technology to drive retail performance, according to financial technology company Adyen Malaysia. The Adyen Retail Report 2025 noted that 58% of Malaysian consumers have used AI to assist with purchasing, compared with the global average of 37%. The findings reflect a growing shift in digital consumption habits and expectations for personalised retail experiences. Adyen Malaysia, a provider of end-to-end financial technology solutions, said the trend signals a move from digital convenience to digital intelligence. The company's country manager Soon Yean Lee said that Malaysia is seeing a shift from digital convenience to digital intelligence. 'We are likely entering an era where AI acts as a personal stylist or shopping assistant, curating outfits, surfacing new brands and tailoring suggestions to each individual,' he said during a briefing yesterday about the Adyen Index 2025 Malaysia Report. The report noted that 57% of Malaysian businesses plan to invest in technology that enhances the customer experience, either through new methods to make payments or self-service kiosks. The findings also said that, as part of efforts to boost efficiency and reduce friction, businesses are focusing on revamping the checkout process with features like queue-busting and one-click purchases to improve the experienc for customers. Commenting on AI as a strategic asset, Lee said 'retailers generate large volumes of payments data daily, and AI helps unlock this value to drive conversions at scale'. He added that AI-powered payment optimisation could improve success rates, reduce fraud and help identify genuine shoppers with minimal friction. Meanwhile, the report highlighted the growing importance of 'unified commerce', which is a retail strategy that integrates all sales channels into a cohesive system. At present, 52% of Malaysian businesses surveyed offer unified systems that integrate online and offline sales channels, while another 26% plan to adopt such platforms within the next 12 months. Unified commerce allows businesses to consolidate inventory, pricing and customer data into a single system. Lee added that the approach enables retailers to deliver more consistent service while also improving cost efficiency and operational control. Despite growing interest in digital tools, the report noted that many businesses continue to face challenges with data fragmentation and system integration. It said the effectiveness of AI will depend largely on the quality and connectedness of the data supporting it. The Adyen Retail Report 2025 includes responses from 1,000 consumers and 500 merchants in Malaysia. Adyen is a global financial technology platform that provides payment processing and related financial services for businesses. It acts as a merchant acquirer, offering a single platform for businesses to manage payments across various channels like online, mobile, and point-of-sale. The company is headquartered in Amsterdam and has offices around the world. Beyond Malaysia, the company's Annual Retail Report for this year shows Gen Z is the largest demographic using AI when shopping (57%), but data finds a 63% increase in older people using the technology year-on-year – the biggest increase in users globally. In a poll of 41,000 consumers across 28 countries, more than one in ten (12%) said they had used AI for the first time over the past 12 months to help them with their shopping experience. Additionally, an impressive 55% of people said they would be open to making purchases using AI technology in the future.
The Star
an hour ago
- The Star
PETRONAS to seek US$1bil for oil field stake sale
PETRONAS bought the stake in the Tartaruga Verde oil field in 2019. KUALA LUMPUR: Malaysia's Petroliam Nasional Bhd (PETRONAS) is working with Bank of America Corp to sell its 50% stake in the Brazilian oil field Tartaruga Verde, according to people familiar with the matter. PETRONAS, as the Kuala Lumpur-based company is known, is looking to get about US$1bil for the stake, the people said, asking not to be identified discussing non-public information. The discussions are at an early stage and a deal may not happen, the people said. A representative for Bank of America declined to comment. PETRONAS didn't immediately respond to a request for comment. PETRONAS bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro SA, known as Petrobras, which still owns the remaining 50% stake. The field is based in the deep waters of Campos Basin in the Rio de Janeiro state. — Bloomberg
