The Biden presidency – what it means to Malaysia
PETALING JAYA: With Joe Biden’s inauguration as the US President, Malaysia may become a key point for US policy, especially in the matters of peace in the Middle East.
According to reports stateside, President-elect Biden has already lined up a number of executive orders including but not limited to, rejoining the Paris climate change accord and ordering agencies to reunite families separated after crossing the border with Mexico, suggesting he will move quickly to reverse certain Donald Trump agendas.
The entry of a new man in the White House will obviously impact Malaysia’s geopolitical positions and economy, say experts.
While it’s still far too early to make any definitive conclusions, James M Dorsey, a fellow at Singapore’s S Rajaratnam School of International Studies said that there are three main areas where potential policy shifts in the US could impact Malaysia.
“The ones to look out for are how they deal with China, their relationship with Israel and Palestine and the stand they take on human rights.”
He said that the US could take advantage of the ongoing territorial dispute in the South China Sea by offering aid in exchange for favourable policies in Malaysia and other Southeast Asian countries.
“I don’t think Malaysia would want to be seen as joining an anti-China bloc, but that’s not to say there aren’t other ways in which the US and Malaysia can cooperate.”
He added that Biden may look to repair ties with Palestine either through aid or formal discussions, an agenda Trump ignored.
However, the US could also use facilitating a relationship between Malaysia and Israel as an indirect way to exert pressure on Palestine, typically a strong Malaysian ally, in peace talks if needed,
“With regards to human rights, I think it will be very important to them, as they need to restore credibility and their standing. Making a stand in support of human rights could be one way they can do that.”
Malaysia has had issues with the US regarding human rights in relation to trade, with products from some local glovemakers and palm oil producers being held by US customs due to forced labour allegations levelled at exporting companies.
On the economic front, Geoffrey Williams of the Malaysia University of Science and Technology said that he would project the incoming Biden administration to be “neutral to net-negative” for Malaysia in the short term.
“If Biden’s domestic policy persists with a Covid-19 lockdown which damages US recovery, or if there is continued unrest in the US, then there will be a negative spillover to global and regional trade while the US pulls itself together.
“Overall, I think Biden’s domestic agenda is in a very dark place and there will be no quick fix in their economy and no real interest on international issues until that is settled.”
He said that while trade with the US improved under Trump, reversals of certain decisions he made could further boost economic activity globally and with Malaysia.
“If he reverses Trump’s decision on the Trans-Pacific Partnership Agreement or joins the Regional Comprehensive Economic Partnership-type framework, this might boost regional and global trade.”
With a bilateral free trade agreement between the US and Malaysia unlikely due to limitations set by other agreements, broader improvements in global trade will have positive knock-on effects for Malaysia. - FMT
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