PETALING JAYA: Investment, commerce, and business minister Tengku Zafrul Aziz has reminded his predecessor Azmin Ali that the Malaysia-Korea free commerce settlement (MKFTA) is still being negotiated.
He said that feedback concerning whether or not the phrases of the settlement would profit Malaysia ought to solely be made as soon as negotiations have been concluded.
“If it’s not useful to Malaysia, we is not going to finalise the free commerce settlement.
“God keen, the ministry will be sure that Malaysia’s pursuits are all the time preserved in all free commerce settlement negotiations,” Tengku Zafrul stated in a Facebook submit.
Yesterday, Azmin panned the resumption of the MKFTA, which he stated would depart Malaysia at a drawback because it must take away duties on considerably extra items than South Korea.
He referred to as on the funding, commerce, and business ministry to conduct a cost-benefit evaluation and make it publicly accessible earlier than deciding on the settlement’s resumption.
Azmin, who can be Hulu Kelang assemblyman, stated that beneath the prevailing Asean-Korea free commerce settlement, to which Malaysia is already a celebration, South Korea had already agreed to get rid of duties on 91% of its tariff traces, and Malaysia on 83.5% of its tariff traces.
He stated the MKFTA’s stipulated liberalisation threshold of 92% would pressure Malaysia to compensate with extra elimination of duties than South Korea, which solely wanted to enhance on about 1% of its affords.
Meanwhile, Tengku Zafrul stated Azmin’s assertion appeared to point out the latter’s insecurity with the civil servants’ professionalism in negotiating the free commerce settlement.
He stated his officers would often research the benefits and downsides of a free commerce settlement earlier than conducting any negotiations.
“If it doesn’t profit Malaysia, why would we resume negotiations?”
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