Malaysia–US Bilateral Relations in the Aftermath of the 2008 Global Financial Crisis

Malaysia–US Bilateral Relations in the Aftermath of the 2008 Global Financial Crisis

Mas Juliana Mukhtaruddin (Universiti Utara Malaysia, Malaysia)
DOI: 10.4018/978-1-4666-9806-2.ch015
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Abstract

Malaysia–United States relations are enormously significant. From the perspective of the US Department of State, Malaysia is a significant player at both the regional and international levels. The world financial crisis that began in the US at the end of 2007 moderately affected the Malaysian economy. While the US was at the center of the crisis, Malaysia felt its effects as one of Asia's export-reliant economies. Regarding the implications of the crisis, some tangible evidence has been evaluated. The fourth quarter of 2008 was devastating for the world's advanced economies, including the US, and Malaysia's external trade-related sectors were severely struck. The primary reason for this visible effect was a disruption in the trade demand. Against this background, this paper examines the aftermath of the world financial crisis on the relations between Kuala Lumpur and Washington, particularly on the political and economic bilateral ties.
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Overview Of Malaysia–Us Bilateral Relations

Malaysia–US relations are not new in the international arena. Indirect relations between the two countries were established during the British colonisation of Malaya. However, diplomatic relations were not formally established until Malaysia gained independence in 1957, at which point the US embassy was opened, and Homer M. Byting Jr served as the first US ambassador to Malaysia (Salmy, 2007a).

During the Cold War era, the US was regarded as a protector of Malaysia. The development of the bilateral relations between the US and Malaysia was progressive, established through visits made by the representatives and leaders of the two countries.

Key Terms in this Chapter

Two-Ways Investment: The act of placing money or capital for achieving beneficial earnings between two parties.

Global Financial Crisis 2008-2009: An economic recession in 2008-2009, which began in the US financial and banking crisis, later touched on other economies countries economic system.

Bilateral Relations: An interaction involving two sovereign countries pertaining political, economics, security, culture and people to people links. Malaysia-US bilateral relation is one of the sort.

Political Leadership: The state administrative or heads that manage the operation of the country’s political system.

Trade: A business activity among nation states involving buying or merchandising and services.

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