US keen to conclude FTA talks 'as soon as possible'

THERE has been good momentum in US-Malaysia free trade agreement (FTA) talks in recent months with developments in issues like intellectual property rights, said US ambassador James R.Keith.

"This has been a long and complicated negotiation and will take some time, though we are interested in concluding it as early as possible," he said at a media briefing yesterday.

The US is Malaysia's number one trading partner and has, in recent years, ranked as among the top three foreign investors.

So far eight rounds of negotiations have been concluded and Keith expects further talks to resume after the new administration comes on board in Washington on January 20.

The FTA talks have dragged on over US insistence for a greater stake in the financial services sector, among other issues.

The US also wants Malaysia to relax its policy of giving preference to Bumiputera companies in government contracts.

While the new US administration will be focused on addressing the economic crisis, it was also important to keep trade flows going, Keith said.

"We do need to develop economy and create new jobs. These are tough times for America, and in November alone, 550,000 jobs were lost," he said, adding that the need for bilateral and regional partnership on the global economy is more important now.

"President-elect Barrack Obama has talked about creating 2.5 million jobs by investing in a green economy, looking at solar power, something that Malaysia has spoken about". Business Times