KUALA LUMPUR, Feb 15 — The world needs a new trade agenda which is not the regurgitation of old cliches but rather a fresh approach, to steer nations away from racing to the bottom and instead push forward to the top together.
Deputy Investment, Trade and Industry Minister Liew Chin Tong said the new trade agenda would have to take into account that trade has to ensure workers are well paid and both advanced economies and developing countries could sustain a robust middle class.
“It would also have to place climate at its centre while ensuring that states receive adequate taxes from multinationals to provide services, especially health services, and to ensure social cohesion.
“Trade needs to connect the dots between climate, the sustenance of a middle class society, and ensuring that the workforce is healthy and feel secure enough about their lives so that they could consume as consumers, not just workers.
“Therefore, avoiding racing to the bottom and ensuring that we create the conditions for economies racing to the top should be the new trade agenda,” Liew said during the Asia Pacific Economic Cooperation (Apec) Business Advisory Council (ABAC) meeting opening speech, here, today.
He noted that geopolitical tensions and wars are now dominating headlines and yet three decades ago, the world was a much more optimistic place.
“The idea of Apec reminds us that there is an alternative vision of a peaceful, prosperous and collaborative Asia Pacific and that amidst the contemporary divisiveness, economic cooperation among nations is still a worthy pursuit,” he said.
“There is not any other regional grouping in which the United States, China, Russia are members, and subnational economies of China, are all sitting at the same table.
“The existence of Apec itself is already a cause for us to celebrate and, more importantly, Apec gives us an organisational form and an alternative vision. Indeed, Apec gives us hope in an otherwise darker period of global history,” he added.
He said that for Malaysia, Apec remains an important forum to outlay the nation’s economic strategies and aspirations.
“From nurturing a vibrant digital landscape to protecting our shared environment, Malaysia’s domestic initiatives echo the very spirit of Apec’s agenda.”
In this connection, he said Malaysia introduced two ground-breaking national policies last year — the New Industrial Master Plan (NIMP) 2030 and National Energy Transition Roadmap (NETR).
“At the core of these policies, we will find that it is very much aligned with Malaysia’s commitment to Apec’s trade facilitation and closer economic cooperation priorities,” he said.
Further on ABAC, he said beyond the agenda of facilitating trade and investment, it must also emerge as a stalwart champion of dialogue and understanding, a proactive force promoting economic stability and sustainability in the region.
Through open communication, shared interest and an unwavering commitment to economic cooperation, Apec members can bridge divides and fortify a more resilient Asia Pacific, he said, adding that views from ABAC will help governments to realise Apec’s vision and mission.
In order to tap into and leverage on the boundless opportunities for growth, he said public-private partnerships and cooperation between Apec governments and the private sector is key to achieve tangible outcomes.
“Let us come together at today’s meeting with a commitment to translate the theme of ‘People. Business. Prosperity’ into tangible Apec initiatives in line with Putrajaya Vision 2040.
“By doing so, we can ensure that the outcomes of our collective efforts lead not only to economic prosperity this year but serve as important building blocks towards a continuous, resilient and sustainable growth into the future,” he added.
— Bernama
