APEC must scale up capacity-building efforts to support sustainable trade
KUALA LUMPUR: Malaysia has called for greater investment in capacity building across Asia-Pacific Economic Cooperation (APEC) member economies to support the transition to sustainable trade.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said more support is needed in areas such as circular economy practices, smart agriculture, and carbon accounting.
'APEC should align sustainability standards, such as carbon measurement, environmental, social, and governance (ESG) reporting, and green certifications, across economies.
'A common approach is essential to avoid a confusing patchwork of regulations that could unintentionally create trade barriers,' he said at the APEC Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea, today.
Tengku Zafrul said Malaysia is taking steps domestically to build more resilient and sustainable supply chains, including the planned introduction of a carbon tax framework in 2026, starting with the iron and steel sector.
'To ensure a just transition, we are also working on expanding green financing schemes for small and medium enterprises (SMEs) and introducing tools to support their ESG reporting and export readiness.
This targeted approach is designed to accelerate the adoption of energy-efficient technologies by industries, accelerating our sustainable supply chain goals,' he said.
Besides that, he also called for the accelerated development of digital supply chain information-sharing systems.
'APEC must not follow global trends; we must shape them.
'Let us position our region as a leader in sustainable trade and a model for supply chain resilience by collectively acting decisively to build future-ready systems that sustain growth,' he said.
Senior officials from the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD) were also present at the two-day event, which commenced yesterday.
Key agenda items include advancing innovation through artificial intelligence (AI) to facilitate trade, enhancing connectivity within the multilateral trading system, and fostering prosperity through sustainable and inclusive trade practices.
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