Talks between Malaysia and the US for Free Trade Agreement (FTA) were held during June 12-16 in Penang, wherein Federation of Malaysian Manufacturers (FMM) have expressed their concerns at bring down US tariffs for footwear, textiles, apparel and leather products to zero level, at the earliest.
Malaysian exports will gain additional opportunities in terms of market access, if the Malaysia-US FTA is realized, ahead of the other ongoing bilateral talks in the region.
When a country faces a lower economic growth rate, there will be a lower standard of living leading to less job opportunities, hence Malaysia has to integrate with the international production system.
The US was Malaysia's largest trading partner, accounting for 16.6 percent of Malaysia's global trade till 2005.
At current level of the ringgit worth 3.6500 to the US dollar and for the ringgit to be kept firm at RM3.00 or RM2.50; Malaysia needs incredible re-adjustments, sources stated.
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