PM’s Call For Equitable Trade, Deeper Trade Ties Vital For APEC, ASEAN To Navigate Global Uncertainties - ISIS Chairman

KUALA LUMPUR, Nov 18 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim’s call for a shift towards ‘equitable and humane trade’ and the deepening of trade ties at the recent Asia-Pacific Economic Cooperation (APEC) meeting in Lima, Peru, are critical strategies to navigate challenges facing multilateralism and trade globalisation.

Institute of Strategic and International Studies (ISIS) chairman Datuk Prof Dr Mohd Faiz Abdullah said multilateralism and trade globalisation are now contending with a global crisis of confidence, and two key shifts are needed to overcome these challenges. 

“First, if trade openness is to regain its relevance, it must adopt principles of inclusive growth from the outset,” he said.

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Mohd Faiz said Malaysia’s MADANI Economy Framework already embodies the ideals of equitable and humane trade, setting a growth model that champions both economic growth and equity in equal measure.

“In this way, through its engagement in multilateral fora like APEC, Malaysia is carrying through the guiding values of MADANI to the global stage, injecting inclusive and sustainable economic ideals into international trade and investment policies,” he said.

Secondly, Mohd Faiz said that as global trade uncertainty deepens, trade-friendly nations must expand integration with existing partners and look further afield for new trade relationships.

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He said the prime minister’s calling on APEC leaders to accelerate the realisation of the Free Trade Area of the Asia-Pacific (FTAAP) would bring together developed and emerging economies across the region.

“Additionally, Malaysia’s recent efforts to strengthen economic partnerships with developing South regions, from Egypt to Peru, highlight the potential of South-South cooperation in giving emerging economies greater agency in shaping global trade rules and integration frameworks,” he said.

Mohd Faiz opined that the two imperatives from the prime minister also offer a roadmap for ASEAN to sustain its economic relevance and solidify its roles as a champion of multilateralism and a fairer trade system.

“This speaks to the core of Anwar’s call at the APEC Economic Leaders’ Retreat, where he urged global leaders to move on from free trade in the traditional sense towards what the prime minister termed as ‘equitable and humane trade’.

“This approach regards deepening trade links not as an end in itself but as a means to foster shared prosperity and social progress,” he said.

Secondly, Mohd Faiz said that deepening relationships with existing partners while exploring new ties is well aligned with ASEAN’s role in the Regional Comprehensive Economic Partnership (RCEP).

“Similarly, greater engagement with new markets and regions outside of ASEAN, for example, by deepening trade links with Africa through the African Continental Free Trade Area (AfCFTA) and with Latin America via the Pacific Alliance, can reduce ASEAN’s reliance on traditional markets and diversify the bloc’s economic partnerships.,” he said.

Mohd Faiz added that by championing a vision of equitable and humane trade, Malaysia can position ASEAN as a model for inclusive and sustainable growth, showcasing that economic integration can benefit more than just the privileged few.

-- BERNAMA