Malaysia is reaffirming its commitment to maintaining an open economy, even as it navigates the complexities of changing US policies under the 'America First' agenda. Foreign Minister Datuk Seri Mohamad Hasan emphasized the country's reliance on international trade and the importance of monitoring these developments to ensure Malaysia's foreign relations remain robust. This commitment comes at a time when the US's evolving trade stance could potentially impact Malaysia's economic landscape and its relationships within ASEAN and beyond. Mohamad noted that Malaysia is a partner country in BRICS, which emphasizes the importance of diversifying trade relationships amidst shifting global dynamics.
Intra-ASEAN trade currently accounts for less than 25% of Malaysia's total trade, reflecting a need for greater economic integration within the region. The Malaysian government has set an ambitious goal to surpass RM3 trillion in intra-ASEAN trade by 2030, aiming to strengthen economic ties with neighboring countries. Existing joint development areas with Thailand and the Johor-Singapore Special Economic Zone are part of this strategy, showcasing Malaysia's proactive approach to enhancing regional cooperation.
As Malaysia prepares to chair ASEAN in 2025, it is poised to play a pivotal role in shaping policies that foster multilateralism and economic collaboration. The recent discussions surrounding ASEAN's green and digital strategies further underscore the importance of adapting to global economic changes while promoting sustainable growth.
The government is committed to reporting any significant changes in US policies to the Cabinet, ensuring that Malaysia remains agile in its response to international trade developments. This proactive stance is crucial as Malaysia seeks to balance its relationships with major powers while fostering a resilient and open economic environment.
As ASEAN continues to evolve, Malaysia's leadership will be vital in navigating the challenges and opportunities presented by the current global trade landscape, ensuring that the benefits of economic growth are shared equitably among member states. Mohamad's remarks also addressed concerns raised by Datuk Seri Hamzah Zainudin regarding Malaysia's position in ASEAN and its relations with BRICS, reinforcing the importance of strategic partnerships in the face of changing global dynamics.