However, while these economic initiatives must translate into practical projects soonest possible, economists have emphasised that equitable benefits must be ensured for all parties concerned, especially the domestic private sector.There has also been a suggestion that there should be a “national rate of protection” for local vendors and the domestic ecosystems like what many developed economies are doing.
He said the global trade dynamism has undergone a rapid transition, transitioning from the free trade regime of the post-World War 2 era to the era of multilateral free trade agreements.“Even the United States is actively engaged in protecting its domestic industries and imposing punitive tariffs.
On the second day of Li’s visit, a total of 14 MoUs were signed between government agencies, signalling a tighter government-to-government collaboration in various areas. Senior lecturer at Universiti Utara Malaysia’s School of Economics, Finance and Banking, Muhammad Ridhuan Bos Abdullah, has suggested that a “national rate of protection” be introduced to protect local vendors with regard to trade with China.