KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim pushed for fairness and security in global trade while highlighting the need for timely reforms within the World Trade Organisation (WTO) during a visit by WTO director-general Dr. Ngozi Okonjo-Iweala.
She is in Malaysia from December 6-8, 2024.
During their meeting Anwar and Dr Okonjo-Iweala also discussed pressing geopolitical issues and global trade challenges, including the resurgence of trade protectionism and the weakening of the dispute settlement system which has affected the WTO's credibility as the sole international organisation that oversees global trade rules, as well as ensures fairness and security in global trade.
"Malaysia stands firmly committed to upholding the principles of the multilateral trading system (MTS). As a highly trade-dependent nation, we recognise the importance of fostering a fair and inclusive global trade environment that benefits all nations, particularly in today's complex geopolitical landscape."
"MITI will continue to work closely with the WTO and other international partners to ensure that the MTS evolves to meet the challenges of the 21st century," Minister of Investment, Trade & Industry, Tengku Datuk Seri Zafrul Aziz said in a statement today.
The Minister also underscored Malaysia's preparedness to leverage its Asean Chairmanship in 2025 to advocate for regional and global trade stability.
He also urged the WTO to play a bigger role in supporting equitable access to green technologies, climate financing and capacity building for developing countries.
The visit by Dr. Okonjo-Iweala was coordinated and hosted by the MITI.
The WTO is the only global international organisation that regulates trade between nations, providing a framework for negotiating trade agreements and resolving disputes. With 166 member states representing over 98 per cent of global trade, the WTO plays a pivotal role in ensuring that trade flows as smoothly, predictably, and freely as possible.