Malaysia to maintain ban on exports of unprocessed rare earth metals

Malaysia will maintain a ban on exports of unprocessed rare earth metals to protect its domestic resources, despite signing an important minerals trade agreement with Washington this week. This was reported on October 29 by Reuters with reference to the Minister of Trade of the Asian country Tengku Zafrul Aziz.

Speaking in parliament, the head of the Ministry of Trade refuted statements that the country would allow the export of minerals and metals to the United States in order to benefit and achieve strategic goals.

"We no longer want to be a country that only produces and ships cheap raw materials, as it used to be. Instead, Malaysia will encourage foreign investment and technology exchange in the field of extraction and processing of rare earth metals," he said.

It is reported that the reserves of rare earth metals in Malaysia amount to about 16.1 million tons, but there are not enough technologies for their extraction and processing. Rare earth metals are essential for high-tech manufacturing, including electric vehicles, semiconductors, and rockets.

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The countries of the region have signed record agreements with Washington

During U.S. President Donald Trump's visit to Kuala Lumpur on Sunday, October 26, the United States signed separate agreements with Malaysia and Thailand, seeking cooperation to share supply chains of crucial minerals amid competing moves from China. According to a joint statement from the United States and Malaysia, Kuala Lumpur has agreed to refrain from banning or imposing quotas on exports of essential minerals or rare earths to the United States.

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