Miti to ensure Malaysia steers clear of US sanctions

21 Oct 2019 / 20:41 H.

KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) will take the necessary action against any companies, including improper certificate issuers, that are using Malaysia as a transhipment point to get a certificate of origin for their manufactured goods for export to the US.

Deputy International Trade and Industry Minister Dr Ong Kian Ming said the ministry will not tolerate any untoward practices that would give reasons for the US to arbitrarily impose sanctions on Malaysia amid its trade conflict with China.

“For example, if we find out or hear any complaints that certain companies are using Malaysia as a transhipment point to get a certificate of origin for their manufacture goods for export to the US, we (will) take this seriously.

“We will do the necessary investigation against whoever issued those certificates in a way that is not proper, and further action against them, including the companies, (will be taken),” he said during a luncheon tete-a-tete session at the two-day ISIS Praxis Conference 2019 today.

He said MIT recognises the policy uncertainty and will try to minimise it as much as possible in order to continue to be part of the world’s larger trading ecosystem.

Hence, Ong noted that Malaysia needs to be open for business with all countries, especially with those that it has long historic alliances, including China.

He said the US is Malaysia’s top source of approved foreign direct investment followed by China and both countries will continue to be country’s very important trading partners.

“We expect that for the full year of 2019, these two countries will account for about 70% to 80% in terms of approved FDI,” he added. – Bernama

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