US hails progress in latest Malaysia trade talks
AFP - 22 July 2006
US hails progress in latest Malaysia trade talks
WASHINGTON - The US government said Friday it had achieved "solid progress" in a second round of free-trade talks with Malaysia this week.
It said the two sides would exchange texts outlining the framework of a free-trade agreement by the end of August, in their bid to forge a pact by the end of the year.
"The United States and Malaysia made solid progress in the second round of FTA negotiations held this week at George Washington University in Washington, DC," the office of the US Trade Representative (USTR) said in a statement.
"The United States was encouraged by the results of this round and is optimistic that we will be able to conclude a strong agreement that achieves a balance of interests and benefits businesses, farmers, ranchers and workers in both the United States and Malaysia," it said.
The United States hopes to fast-track the negotiations with its 10th largest trading partner and pass the deal well before June next year, when Congress will regain the right to amend any trade pact.
One of the most politically sensitive areas includes Malaysian government procurement, which sees lucrative contracts awarded to the country’s majority community of ethnic Malays as part of a system of positive discrimination.
Washington has also flagged Malaysia’s protected auto industry and its financial sector as areas of concern, while the Southeast Asian nation wants to win more US access for its textiles, clothes and electrical products.
A third round of talks is scheduled to take place in Malaysia in September.
