US nearing decision on trade talks with Malaysia
Reuters, 16 Feb 2006
U.S. nearing decision on trade talks with Malaysia
WASHINGTON: The United States may announce soon that it is beginning free trade talks with Malaysia, U.S. Trade Representive Rob Portman said on Wednesday.
"Even this year, we’d like to be able to launch with Malaysia," Portman said at a House of Representatives Ways and Means Committee hearing. "We’re not quite there yet." Malaysia, which is the 10th-largest U.S. trading partner, has been on Portman’s short list of potential free trade partners for a number of months.
The United States announced two weeks ago it would begin free trade talks with South Korea in May and many trade experts expected Malaysia would be next.
Two-way trade between the United States and Malaysia was $44.2 billion in 2005, with Malaysia enjoying a $23.2 billion surplus. Portman said the two sides still need to work through some issues before talks could begin.
U.S. law requires the Bush administration to give Congress 90 days notice before beginning trade talks.
The White House would need to finish a deal with a Malaysia by early next year to it get it through Congress before its negotiating authority expires in mid-2007.
