Kuala Lumpur (VNA) - Malaysia has the right to terminate its Agreement on Reciprocal Trade (ART) with the US at any time through written notice without requiring the consent of the US, said the Attorney-General's Chambers (AGC).
In a statement, the AGC said that this is provided for under Article 7.5 of the ART, which also emphasises that all protections under the agreement are intended to defend and preserve Malaysia's sovereignty and protect the country's interests at all times.
The statement clarifies that the ART will only come into effect 60 days after both parties exchange written notifications confirming that their respective domestic legal procedures have been completed.
According to the AGC, the implementation of obligations and commitments under this agreement by Malaysia is subject to applicable Malaysian domestic laws and procedures.
The ART also provides for good-faith consultations between Malaysia and the US regarding implementation issues before either party can take action against the other.
However, based on Article 7.1, Malaysia and the US, as member countries of the World Trade Organisation (WTO), will continue to recognise the rights, obligations, and protections established under the WTO agreement for international trade.
Malaysia and the US signed the ART on October 26 during the 47th ASEAN Summit and Related Summits in Kuala Lumpur./.
