Malaysia commits to maintaining open economic policy

Malaysia continues to uphold its open economic policy based on international trade while taking strategic steps to balance national interests in the face of policy changes under the new U.S. administration.

Malaysian Foreign Minister Mohamad Hasan made the remark during a parliamentary session on Tuesday.

The official said Malaysia will capitalize on opportunities for further strengthening bilateral relations and cooperation with the US.

He noted that the U.S. administration's American First foreign policy has the potential to change the country’s approach to foreign relations and thus directly impacts Malaysia.

As a nation whose economy relies heavily on trade, Malaysia will certainly feel the effects either directly or indirectly. The Malaysian foreign ministry is carefully monitoring the situation, and will report to the cabinet from time to time, he noted.

Mohamad pointed out the Malaysia’s foreign policy also supports the principles of multilateralism that enable the nation and the international community to address increasingly urgent global challenges.

According to him, Malaysia remains committed to forging cooperation with other countries, which enable Malaysia to become a BRICS partner country. Existing BRICS member countries will also assess the extent of Malaysia’s commitment before fully accepting it as a member of the bloc, he said.

Mohamad said intra-ASEAN trade accounts for less than 25% of total trade although the region has a population of nearly 700 million.

This is one of ASEAN’s strengths, and that’s why there have been various initiatives, including how to form joint development areas (JDA), he said, adding such initiatives will strengthen trade between the involved countries, contributing to intra-ASEAN trade.