US secures reciprocal trade pacts with Malaysia, Cambodia

“These landmark deals demonstrate that America can maintain tariffs to shrink the goods trade deficit, while opening new markets for American farmers, ranchers, workers and manufacturers,” said Greer in a statement released by the USTR.

President Donald Trump has secured agreements on reciprocal trade with Malaysia and Cambodia and reached frameworks for such pacts with Thailand and Vietnam, USTR Jamieson Greer recently announced.
Malaysia has committed to providing significant preferential market access for US industrial goods and agricultural exports, while Cambodia has committed to eliminate tariffs on 100 per cent of such goods.

Malaysia has committed to providing significant preferential market access for US industrial goods and agricultural exports, and addressing non-tariff barriers that affect bilateral trade in priority industrial areas.

Malaysia has committed to raising enforcement against notorious markets for counterfeiting and piracy; protecting internationally-recognised labour rights; and preventing forced labour. It has also committed to refraining from banning, or imposing quotas on, exports to the United States of critical minerals or rare earth elements, a joint statement released by the White House said.

Cambodia has committed to eliminate tariffs on 100 per cent of US industrial goods and food and agricultural products and has already implemented the commitment. The agreement includes commitments on digital trade, services, investment, intellectual property, customs and trade facilitation, good regulatory practices, and distortionary behaviors of state-owned enterprises.

Thailand will eliminate tariff barriers on nearly 99 per cent of goods, covering a full range of US industrial and food and agricultural products.  It will address and prevent barriers to US food and agricultural products in the Thai market, including expediting access for the United States.

Vietnam will provide preferential market access for substantially all US industrial and agricultural exports. Vietnamese firms have signed 20 memoranda of understanding with US companies to purchase agricultural commodities, with a total estimated value of over $2.9 billion. 

Fibre2Fashion News Desk (DS)