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KUALA LUMPUR: Amid criticisms that Malaysia had allegedly surrendered its economic sovereignty in a new reciprocal trade agreement with the United States, Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz on Tuesday (Oct 28) defended the deal. He added that Putrajaya was not obligated to emulate the superpower in imposing customs duties, prohibitions or import restrictions on goods and services from other countries. Even so, with politicians from both sides of the aisle raising concerns, a hearing will be held next month by the Parliamentary Special Select Committee on International Relations and International Trade on the matter. Among the most contentious provisions was one that purportedly requires Malaysia to align with US trade sanctions or restrictions imposed on other countries, a point raised by opposition Perikatan Nasional secretary-general Azmin Ali. News outlet Free Malaysia Today (FMT) reported Azmin - who is a former trade and industry minister - as saying that the deal forces Putrajaya to follow Washington’s rules and regulations surrounding trade and investment. As part of the deal, Malaysia also agreed to provide significant preferential market access for industrial goods and agricultural imports from the US. “The Agreement on Reciprocal Trade is anything but reciprocal. It’s a one-sided arrangement that gives away too much control over our economy while the US retains the right to act in its own interests,” Azmin reportedly said. Tengku Zafrul slammed the opposition lawmaker for selectively citing certain provisions in the deal signed with the US on Sunday – particularly that of Article 5.1 - which allegedly obliges Malaysia to mirror all US sanctions.
