KUALA LUMPUR (Nov 11): The upcoming change in the US administration will have no effect on Malaysia's commitment to its economic reform agenda, Economy Minister  Rafizi Ramli said on Monday.

Addressing the potential impact of global political shifts, Rafizi said that while Malaysia will monitor international developments, the nation’s structural reforms will continue to be driven by its own domestic needs and long-term goals.

The minister acknowledged that the US, as a major trading partner of Malaysia, has significant influence over the country's economy.  

"Any country in the world, given the influence that the USA has on the global economy, would have carried out some sort of due diligence of whatever impact a change of administration in the US would have on the local economy and administration,” he said during an industry engagement session on the 13th Malaysia Plan.

While Malaysia will observe how the new US administration may impact the global economy, Rafizi said the country’s key reforms, particularly in sectors like semiconductors and energy transition, are driven by Malaysia's own needs.  

These reforms, he said, are "structural in nature," demonstrating that they are necessary for strengthening Malaysia’s economy and preparing it for future challenges.  

"A lot of it is driven by our own needs domestically and a lot of it are structural in nature. That means that it's something that we have to go through in order to prepare our industry and economy to be more robust," he said.

Rafizi added: "We still have to be nimble and agile in order for us to react and respond to any kind of geopolitics and international developments that may arise from a change of administration, not just in the US, but any of our large trading partners."  

Republican Donald Trump, who last week won the US presidential election, has said he plans to install a blanket tariff of 10% to 20% on all imports, with additional tariffs of 60% to 100% on goods brought in from China.  

Trump had previously described the plan as a way to extract money from rival nations.