KUALA LUMPUR, Feb 10 — Malaysia is currently negotiating the terms of the memorandum of understanding (MOU) related to the United States (US) tariffs, said Foreign Minister Datuk Seri Mohamad Hasan.
The negotiations are being carried out by the Investment, Trade, and Industry Ministry (MITI).
“We signed the MOU, but we have not negotiated the specific terms. Once the terms have been harmonised, we will ratify the agreement,” he said during the Minister’s Question Time in the Dewan Rakyat today.
Mohamad was responding to Bagan MP Lim Guan Eng’s query about the steps Malaysia has taken in response to Washington’s implementation of tariffs.
He added that Malaysia will negotiate directly with the US, as there are matters that need to be analysed in detail.
Meanwhile, responding to Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal’s supplementary query on rare earth, the minister said he had discussed critical minerals with other foreign ministers.
“We do not have legislation on critical minerals as yet, but they have already identified more than 60 minerals classified as critical minerals.
“The US intends to form a bloc to control critical minerals globally because they have fallen far behind compared with another country. They are struggling because the other country’s technology is more advanced.
“The US has suddenly realised that they need critical minerals for the latest technology, so they want to form an alliance, create stockpiles of critical minerals, and they have proposed this to us,” Mohamad said.
Malaysia has taken note of the matter and wants to ensure that critical minerals are properly managed, while emphasising that minerals fall under the State List and are the purview of state authorities.
He noted that Malaysia no longer allows minerals to be exported in raw form. Instead, it wants the minerals to be processed domestically to add value.
