This is despite the uncertainty arising from the tariff policies being implemented by the US, he said.

He said the US is not a member of CPTPP or RCEP and, therefore, its policies do not directly affect Malaysia’s membership in these agreements.

“To date, the economic policies announced by US president Donald Trump have not directly impacted the country’s economy.

“However, the government will continue to monitor the developments of new US policies and plan appropriate strategies to address any implications on the country’s economy,” he said during a question-and-answer session in the Dewan Negara today.

Tengku Zafrul was responding to Rita Sarimah Patrick Insol, who asked if Malaysia’s participation in multilateral trade agreements, such as CPTPP and RCEP, would change due to the uncertainty arising from Trump’s tariff policies.

He also said the government will continue to promote Malaysia as an open economy and a safe investment destination by emphasising political stability, pro-business policies and its strategic location in Southeast Asia.

Tengku Zafrul said Malaysia, as a trading nation, would continue to strive to diversify export markets for both goods and local services.

He said Malaysia would begin negotiations with countries in the Gulf Cooperation Council, which are seen as offering significant benefits across various economic sectors and can strengthen the country’s participation in the global supply chain.

“As the chair of Asean this year, we, together with Asean member countries, are also negotiating to upgrade the Asean-China Free Trade Area to Asean-China 3.0 and the Asean-India Free Trade Agreement, as well as engaging in negotiations for a new free trade agreement with Canada,” he said.