Tengku Zafrul in South Korea for Apec summit, reaffirms commitment to multilateral trade system
Published on: Wednesday, May 14, 2025
Published on: Wed, May 14, 2025
By: Bernama Text Size: Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz is leading Malaysia's delegation to Jeju, South Korea as trade ministers from the 21 member economies of the Asia-Pacific Economic Cooperation (Apec) are gathered for the 31st meeting. — Picture by Yusof Mat Isa JEJU: Minister of Investment, Trade and Industry (MITI), Tengku Datuk Seri Zafrul Aziz is leading Malaysia's delegation to Jeju, South Korea as trade ministers from the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) are gathered for the 31st meeting. The two-day APEC Ministers Responsible for Trade (MRT) Meeting, starting on May 15, takes place at a critical juncture marked by persistent global economic uncertainty, ongoing tariff negotiations with the United States by various countries, cross-border barriers, and a rapidly evolving economic landscape. While focusing on the host country's priority areas, namely artificial intelligence (AI) and demographic challenges, member economies are also expected to reaffirm the importance of a robust and inclusive multilateral trading system. In a statement released ahead of the working trip to Jeju, MITI said that, given the current global trading challenges, Malaysia will utilise the APEC platform to reaffirm its strong commitment to a transparent, rules-based multilateral trading system, with the World Trade Organisation (WTO) at its core. This is in alignment with South Korea's thematic priorities: Connectivity through the Multilateral Trading System, AI Innovation for Trade Facilitation and Prosperity through Sustainable Trade, said MITI. Meanwhile, on Tuesday, the Committee on Trade and Investment and the Investment Experts' Group had said that APEC member economies have expressed collective support for the Investment Facilitation for Development (IFD) Agreement, calling for its integration into the WTO legal framework. The agreement aims to improve transparency, streamline procedures and create a more predictable environment for investors, particularly in developing economies. Meeting in Jeju during the Second APEC Senior Officials' Meeting and Related Meetings, the Committee issued a joint statement encouraging broader participation in the IFD Agreement and its incorporation into the WTO legal framework. 'The IFD Agreement has significant potential to improve the investment and business climate across the world, reducing the cost of investment and making it easier for investors in all sectors to operate, expand and contribute to economic growth,' said APEC Trade and Investment Committee chair Christopher Tan. 'Incorporating the IFD Agreement into the WTO framework would be a major step forward for global trade and investment, and a win for the region,' he emphasised. He noted that the IFD Agreement will contribute to the Putrajaya Vision 2040's goal of delivering a transparent and predictable trade and investment environment in the Asia Pacific Region, and further the region's interest to attract and sustain investment. 'Malaysia remains committed to working closely with the APEC economies to ensure that sustainability, innovation, and open trade are reinforcing and beneficial to all economies, as the region moves towards a more resilient, inclusive and future-ready Asia-Pacific,' Tengku Zafrul had said. On the sidelines of the MRT, the Minister is expected to meet the United States Trade Representative Jamieson Greer and WTO Director-General Dr Ngozi Okonjo-Iweala. He is also expected to hold a bilateral meeting with South Korea's Minister of Trade, Industry and Energy, Inkyo Cheong, to further discuss the Free Trade Agreement (FTA) between the two countries. Malaysia and South Korea agreed to resume FTA negotiations in March 2024. Besides these, Tengku Zafrul is also scheduled to meet Australia's Minister for Trade and Tourism, Don Farrell, and Japan's Minister of Foreign Affairs, Takumi Miyaji. An Informal Ministerial Meeting on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will also take place on the sidelines of the MRT meeting. The 31st APEC MRT Meeting will be chaired by South Korea's Inkyo Cheong, and as host of APEC 2025, South Korea has chosen the theme 'Building a Sustainable Future: Connect. Innovate. Prosper'. APEC is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region, representing nearly 40 per cent of the world's population, almost half of global trade and over 60 per cent of the global economy. Malaysia is among the 12 founding members of APEC. The others are Australia, Brunei, Canada, Indonesia, Japan, South Korea, New Zealand, the United States, the Philippines, Singapore and Thailand. China, Hong Kong, Taiwan, Mexico and Papua New Guinea joined in 1993. Chile acceded in 1994, and in 1998, Peru, Russia and Vietnam joined, bringing the full membership to 21. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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