Both Malaysia and the United States reaffirmed their commitment to intensify collaboration to strengthen bilateral economic ties, as well as at the multilateral and regional levels. This commitment was made during the meeting between Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of International Trade and Industry, and his U.S. counterpart, Her Excellency
Ambassador Katherine Tai, United States Trade Representative who is on a one-day visit to Malaysia.
Ambassador Tai also paid a courtesy call to Prime Minister, Dato’ Seri Anwar Ibrahim who then highlighted that Malaysia and the US enjoyed a deep and vibrant bilateral relationship, blessed with deep linkages in the long-standing and multifaceted relationship with extensive trade and investment ties.
US pioneered the Indo-Pacific Economic Framework for Prosperity (IPEF), a 14-member regional trade alliance that discusses facilitation of trade; supply chain resiliency; clean energy, decarbonisation, and climate change; as well as tax and corruption. Ambassador Tai shared that the US envisions IPEF deliverables to be pragmatic and forward-looking as it is not a
conventional trade agreement. Echoing Ambassador Tai’s statement, Tengku Zafrul added that it is crucial for IPEF to outline tangible outcomes toward achieving common trade and investment objectives in the Indo-Pacific region.
Tengku Zafrul also expressed enthusiasm towards engaging in tangible discussions with the U.S., as the Chair of the Asia Pacific Economic Cooperation (APEC) 2023, and other APEC Economies in uplifting innovation, digitalisation, inclusivity, and sustainability agenda in 2023, especially in advancing the growth of Micro, Small and Medium Enterprises (MSMEs). In this regard, Malaysia believes that the APEC 2023 theme “Creating a Resilient and Sustainable Future for All” is apt and relevant to address the current economic challenges towards attaining APEC’s objective.
As founding members of APEC, Malaysia, and the U.S. have a pertinent role to assume in achieving APEC deliverables, particularly in supporting the realisation of Putrajaya Vision 2040 launched during Malaysia’s chairmanship of APEC in
2020, where the Leaders were resolute in advancing APEC’s agenda to achieve an open, dynamic, resilient, and peaceful Asia Pacific community by 2040 for the prosperity of its people and future generations.
Currently, there are more than 600 American companies operating in Malaysia with major investments in the electrical and electronics (E&E) and renewable energy sectors. In 2022, total trade between Malaysia and the U.S. grew by 23.3% to
RM267.58 billion (USD60.70 billion) compared with RM216.97 billion (USD52.33 billion) in 2021. It is currently Malaysia’s third-largest trading partner after China and Singapore.
