Kuala Lumpur: Malaysia’s membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) remains stable, as confirmed by Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. This assurance comes amidst uncertainties caused by the tariff policies of the United States.

According to BERNAMA News Agency, Tengku Zafrul emphasized that since the United States is not a participant in either the CPTPP or RCEP, its tariff policies do not directly impact Malaysia’s membership status in these trade agreements. He noted that the economic policies introduced by US President Donald Trump have not had a direct effect on Malaysia’s economy. However, he assured that the government will continue to closely monitor US policy developments and devise suitable strategies to mitigate any potential economic implications.

Tengku Zafrul was addressing a query from Senator Rita Sarimah Anak Patrick Insol in the Dewan Negara about whether Malaysia’s involvement in multilateral trade agreements could change due to the uncertainties arising from the US tariff policies. He reiterated the government’s commitment to promoting Malaysia as a welcoming environment for business and investment, highlighting the nation’s political stability, pro-business policies, and strategic location in Southeast Asia.

He further mentioned that Malaysia, as a trading nation, is focused on diversifying its export markets for goods and local services. The minister revealed plans to initiate negotiations with Gulf Cooperation Council (GCC) countries, which are perceived as offering substantial economic benefits and can enhance Malaysia’s role in the global supply chain.

As the current chair of ASEAN, Malaysia is also involved in upgrading the ASEAN-China Free Trade Area to ASEAN-China 3.0, revising the ASEAN-India Free Trade Agreement, and pursuing a new free trade agreement with Canada, Tengku Zafrul added.