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Anwar says Bumiputera policy will not be compromised for US tariff deal, faces 25% rate
“They say the Bumiputera policy is discriminatory. We say it’s not.”
Malaysian Prime Minister Anwar Ibrahim has said that Malaysia will not compromise on its Bumiputera policy amid tariff talks with the U.S. in search of a trade deal.
Anwar, who is also the Finance Minister, stressed during the monthly assembly of the Prime Minister’s Department on Jul. 21 that there are clear boundaries in negotiations, even as Malaysia values its trade and investment ties with the U.S., Malaysiakini reported.
Anwar said that the policy is a "red line" for Malaysia.
Bumiputera policy
The New Economic Policy, adopted in 1971, aimed to deal with the economic divide among ethnic groups following deadly race riots a few years before.
For decades that followed, Malaysia had in place affirmative action policies that gave preferential treatment to Bumiputera citizens, including discounted housing, racial quotas in education, government jobs or contracts, and requirements for listed companies to have Bumiputera shareholders.
Malaysian Deputy Prime Minister Zahid Hamidi also introduced a new pro-Bumiputera economic policy in February 2024 to boost Malay participation in the economy, though he assured that the rights of non-Bumiputera would be protected.
The U.S. previously referred to Bumiputera policy in relation to tariffs
According to Free Malaysia Today, the Office of the U.S. Trade Representative has previously cited Bumiputera equity requirements, along with its halal import rule, as trade barriers that would contribute to higher tariffs.
During the assembly, Anwar added that procurement and opportunities for local first must be protected in trade negotiations with the U.S., Bernama reported.
He added that while Malaysia strengthens its economic ties with other countries, including China and Asean, it adopts a more thorough and firm approach to safeguard its national interests.
Anwar also explained that due to his close ties with world leaders, especially those of Brazil and Egypt, more strategic opportunities have opened up for Malaysia to support its economy.
Agreements between Malaysia and Egypt have led to a 34 per cent rise in trade within a year.
“In addition to increased trade with BRICS countries, Malaysia is opening new networks for the country’s survival, (as we) cannot rely on just one country,” he said, referring to the economic bloc comprising Brazil, Russia, India, China and South Africa.
“We must continue to trade and engage well with all countries, but no country should be allowed to impose conditions that pressure us.”
Unless Malaysia can strike a deal by Aug. 1, it will face a 25 per cent tariff on its exports to the U.S.
Top image via Anwar Ibrahim/Facebook
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