00:00A think-tank has questioned the extent to which Malaysia's negotiations with the US on reducing tariffs will result in constructive outcomes,
00:11saying the talks lack openness and appear driven more by political considerations than economic rationale.
00:18In a statement, the Institute for Democracy and Economic Affairs said the minimal change between the initial 24% tariff imposed in April and the 25% final rate set out on Monday after months of negotiations reflected a lack of substantive progress in the secretive trade talks.
00:37Ideas also called on the government to prioritize transparency in negotiations, policy consistency and clear engagement with regional partners to protect Malaysia's long-term economic interests.
00:49Prior to the negotiations, which kicked off in May, Investment, Trade and Industry Minister Tinkusafrul Aziz said the negotiators were bound by a non-disclosure agreement.
00:59However, he said they would endeavor to brief the relevant parliamentary select committees or caucuses on the tariff talks.
01:06In its statement, Ideas also said Malaysia must avoid being drawn into retaliatory trade barriers or a false choice between major powers,
01:15and continue to diversify and deepen partnerships with countries that share its interests in open and mutually beneficial trade.
