Poor deals have long-term impact on Malaysia, says Tengku Zafrul

The Star

Poor deals will have long-term repercussions on Malaysia, which is why Putrajaya follows specific principles when negotiating with the US, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.   Tengku Zafrul said Putrajaya’s stance is that deals with the US must support Malaysia’s economic reforms and sustainable growth policies.  Read more at https://tinyurl.com/yc37dnce   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:005, 4, 3, 2, 1

00:06Firstly, trade negotiations are a complex multi-stakeholder process.

00:16So relevant ministries and agencies must be consulted to minimize conflict

00:22and to ensure smooth implementation post-negotiation.

00:28And for context, the average length in terms of duration for a negotiation is usually 18 months.

00:37And our record one is 11 months.

00:40The ambassador of UAE is here.

00:42That was our comprehensive economic partnership agreement between Malaysia and UAE,

00:46which was concluded within 11 months.

00:50So we need to be realistic about a trade deal that can be completed within 90 days.

00:56And of course, as mentioned by Dr. Syriza Marikan, we have till 1st of August to conclude this.

01:05Secondly, there are several red lines that our government will not cross in trade negotiations.

01:13We will not sacrifice the country's sovereignty or sideline other trading partners.

01:20I think many of you who are here are also our trading partners to try to close a deal.

01:27Our people's rights, our country's sovereignty and trust with our valued partners are not bargaining chips.

01:35Thirdly, the devil is always in the details, right?

01:41Our negotiating stance is always to ensure that whatever deal we land on,

01:48we must support the economic growth of the country.

01:52We must support the country's economic reforms and sustainable growth policies.

01:57You know, you can have catchy, feel-good headlines.

02:01They might last a week, maybe a month the most.

02:05But poor deals will have long-term consequences on our people, on our industries,

02:11including the healthcare industries and economy.

02:14So I am certain negative long-term outcomes are not what the public wants,

02:20nor what the future and current taxpayers need.

02:24So our objective is simple.

02:26We want to ensure that any agreement supports an open, rules-based and fair multilateral trade

02:34with WTO at its core.

02:38The agreement must also safeguard market access

02:41while recognizing the need of emerging countries and all countries,

02:46just like Malaysia, to develop sustainable supply chain and economies.

02:51So we will continue to uphold the principles of positive reciprocity and fair competition

02:58while working alongside industry to innovate, diversify, and maintain our resilience in the global market.

03:06These developments are also strong reminders of how and why we must always be ready,

03:14we must always be agile, and we must be adaptable to external shocks.

03:18The global medical devices market is actually projected to grow 63% from RM2.53 trillion last year

03:27to RM4.13 trillion by the year 2032.

03:32And the global healthcare sector has proven to be not only just resilient,

03:37but also transformative, offering immense opportunities in medical devices,

03:42pharmaceuticals, biotechnology, and digital health solutions.

03:46And thanks to our strong industrial reform agenda, robust industrial ecosystem,

03:53progressive policies, and of course investor-friendly environment,

03:56and we have a skilled industry-ready workforce,

04:01Malaysia healthcare industry is well-positioned to capture this growth.

04:05From pharmaceutical and medical devices to healthcare services and medical tourism,

04:09this sector is a catalyst for high-value job creation, innovation, and exports.

04:17So I am happy to share that in 2024 alone, and as mentioned by Dr. Sri Rizal earlier,

04:24the medical devices and pharmaceutical industries garnered, in terms of investments,

04:29about RM2.13 billion for the year 2024,

04:33and creating over 2,700 high-value jobs across manufacturing, R&D, and regulatory services.

04:42And today, eight of the world's top 30 medical devices companies have established operations in Malaysia.

04:49And we are home to over 300 healthcare companies, comprising both MNCs and domestic players.

04:55And our MNC partners lead in producing advanced products, and we will see during this event.

05:04All I have shared today are reasons on why we wanted to host the International Healthcare Week,

05:10the first of its kind in Malaysia.

05:13IHW is not just a healthcare event, it is a strategic platform that brings together global thought leaders,

05:20innovators, policymakers, and investors to shape the future of our region's healthcare.

05:27And it reflects our commitment to drive innovation, accelerate growth, and forge global partnerships

05:35that will define the next chapter of Malaysia's healthcare story.

Category

Transcript

Recommended