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.
In the context of Malaysia’s ambitious economic vision, Tengku Zafrul said it is important that the government lead with a robust STM framework, and this framework must be comprehensive, legally sound and supported by solid inter-agency collaboration.
“While security remains paramount, we must also ensure that our position as a major transit and transhipment hub in the region is not compromised,” he said.
Tengku Zafrul said legitimate trade activities should flourish without being hindered by security-related policies, and Miti’s ongoing mission has been to strike a balance between security imperatives and trade facilitation, always aligning with best global STM practices.
“Our efforts have shown results. Malaysia has not only enhanced its trade capacity but has also cultivated a reputation as a neutral trading environment, backed by the strong rule of law.
“We have addressed concerns on proliferation while fostering a culture of compliance within the industry. In collaboration with our partners, Malaysia has consistently prevented attempts to proliferate sensitive goods and technologies that could, for example, be used in weapons of mass destruction [WMD],” he said.
Meanwhile, Tengku Zafrul has announced the establishment of the Malaysia Strategic Trade Control Community (MYSTCC) in transitioning to a significant milestone in the journey of STM. Spearheaded by the industry, MYSTCC aims to bridge the gap between the business community, professionals and experts in the STM domain.
“This community will play a pivotal role in supporting Miti and our partner agencies in the effective execution of STA 2010. In its initial phase, MYSTCC will focus on educating industry stakeholders about strategic trade compliance, governance and will also offer insights into policy development in STM,” he said.
Meanwhile, he said this summit underscores the government dedication to STM and serves as a pivotal platform for dialogue on the latest developments and global best practices in preventing the proliferation of WMD.
“Over the next five days, this summit will offer a plethora of programmes, including the Industry Outreach on Strategic Trade, the Women in Strategic Trade Forum, the Southeast Asia Forum on Export Control, and numerous bilateral meetings.
“Today's outreach programme emphasises the integration of sustainability and security in the supply chain management of strategic goods and technology. It is crucial that these elements align with the sustainable development goals and the environmental, social and governance agenda,” he said.
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