The Ministry of Investment, Trade and Industry (Miti) is actively revisiting the Strategic Trade Act (STA) 2010, with the aim to streamline regulations, ensuring strategic goods and technology controls are tailored to specific industry segments.
Minister Tengku Datuk Seri Zafrul Abdul Aziz said this review will also address any aspects of the Strategic Trade Management (STM) that might inadvertently hinder growth, including in the defence industry.
“The swift pace of technological advancements, while promising, also presents challenges. As highlighted by the research on Emerging Technologies and Trade Controls (2020), the rapid evolution of dual-use technologies underscores the need to balance technological leadership, economic competitiveness, as well as national security.
“While trade controls on these technologies can foster peace and reduce security threats, overly restrictive policies might unintentionally hamper economic growth, stifling competitiveness and innovation,” he said in his speech at the Malaysia Strategic Trade Summit (MySTS) 2023 on Monday.