Santiago said a national interest study must be carried out and include a chapter-by-chapter assessment of economic and social impacts, including job gains and losses, effects on medicine prices and healthcare costs, implications for Bumiputera businesses and SMEs, and the halal industry.
He said the study must assess the tariff revenue losses, distributional impact across sectors and groups, and any domestic legal and regulatory changes required, including alignment with US laws and standards.
“Until the results of this study are published and debated in Parliament, proceeding with ratification or publicly defending this agreement would be procedurally irresponsible and democratically indefensible.
“Malaysians deserve to know who benefits, who bears the cost, and whether this agreement truly serves our economy, including business, workers, consumers, or primarily external interests,” he said in a statement.
Santiago said parliamentary scrutiny has been the norm for any trade deal signed by Malaysia, including the Trans-Pacific Partnership Agreement (TPPA) in 2016 and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2022.
He warned Malaysia against “locking itself” into commitments that narrow policy space, weaken democratic accountability, or compromise the country’s economic future.
“Proceeding without full disclosure, evidence-based assessment, and accountability to Parliament would be a failure of governance and a breach of public trust,” he said.
His remarks come after newly appointed investment, trade and industry minister Johari Ghani said on Wednesday the ministry will examine the ART and pursue renegotiation if any terms are found to be against the country’s interests.
Critics of the trade agreement Malaysia signed with the US on Oct 26 claim it is unconstitutional and would undermine the country’s economic sovereignty as it forces Putrajaya to follow Washington’s rules and regulations surrounding trade and investment.
Responding to the critics, Prime Minister Anwar Ibrahim said the Attorney-General’s Chambers was consulted on the deal before it was signed, and insisted that Malaysia can terminate the agreement if necessary.