KUALA LUMPUR: The government is seeking to collaborate with Asia-Pacific Economic Cooperation (Apec) member countries to develop a new trade agenda, to boost trade among them.
Deputy Investment, Trade and Industry Minister Liew Chin Tong said fresh approaches must be undertaken to create sustainable conditions to promote trade between various Apec members.
He said that the element of environmental, social and governance needs to be at the centre of the agenda. Liew pointed out that instead of participating in a “race to the bottom” culture, parties should focus on fostering mutually beneficial trade among each members.
“The new agenda has to steer nations away from racing to the bottom but to push forward for the race to the top together.
“(It) would have to take into account that trade has to ensure workers are well-paid, and both advanced and developing Apec members could sustain a robust middle class,” he told the media yesterday during the first Apec Business Advisory Council (Abac) meeting this year, hosted by Malaysia today.
He added that trade needs to connect the dots between climate, the sustenance of a middle class society and ensuring that the workforce is healthy to boost consumption.
“Malaysia needs to envisage ourselves to become a middle-class society, with micro, small and medium enterprises playing a monumental role as the backbone of our economy,” said Liew, adding that the agenda is important for Malaysia as well as the other 20 Apec members.
He explained that the government continuously engages with other members through vital trade platforms such as the Apec platform to encourage free trade among members.
“We need to continue to dialogue. We need to see how to work with various economies to ensure that we do actually (promote) trade that benefits the most number of people.
“This is a general view to explain to Apec members that we need to think about a new trade agenda .... We are talking to Apec members. We want to keep this dialogue going which Malaysia is a part of and we continue to treasure it,” said Liew.
Meanwhile, he said that Abac promotes economic stability and sustainability in the region through open communication, shared interests and commitment to economic cooperation, bridging divides and fortifying a more resilient Asia-Pacific.
“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, public-private partnerships and cooperation between Apec governments and the private sector is key if we are to achieve tangible outcomes,” he added.
The three-day meeting, which started yesterday, provides opportunity for Malaysia’s private sector to engage with business leaders from the 20 Apec member countries.
