KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim’s recent advocacy for ‘equitable and humane trade’ and enhanced trade collaboration at the Asia-Pacific Economic Cooperation (APEC) meeting in Lima, Peru, has been highlighted as a crucial approach to address the current issues facing multilateralism and trade globalization.

According to BERNAMA News Agency, Institute of Strategic and International Studies (ISIS) chairman Datuk Prof Dr Mohd Faiz Abdullah remarked that multilateralism and trade globalization are facing a global crisis of confidence, necessitating two pivotal shifts to surmount these challenges. He emphasized that trade openness must embrace inclusive growth principles to regain its significance. Malaysia’s MADANI Economy Framework, which promotes equitable and humane trade, serves as a model blending economic growth with equity.

Mohd Faiz stated that Malaysia, through its participation in multilateral platforms such as APEC, is promoting the MADANI values globally, infusing international
trade and investment policies with inclusive and sustainable economic ideals. Moreover, as global trade uncertainty intensifies, he underscored the importance of expanding integration with existing partners while seeking new trade relationships.

He highlighted the prime minister’s encouragement to APEC leaders to hasten the implementation of the Free Trade Area of the Asia-Pacific (FTAAP), uniting both developed and emerging economies in the region. Malaysia’s initiatives to bolster economic partnerships with developing South regions, from Egypt to Peru, underscore the potential of South-South cooperation to empower emerging economies in influencing global trade rules and integration frameworks.

Mohd Faiz also noted that the prime minister’s strategies provide a pathway for ASEAN to maintain its economic relevance and reinforce its roles as a proponent of multilateralism and fair trade. He cited Anwar’s address at the APEC Economic Leaders’ Retreat, where he called for a shift from traditional free trade to
‘equitable and humane trade’, viewing deeper trade relationships as a means to foster shared prosperity and social progress.

Additionally, Mohd Faiz connected the deepening of relationships with existing partners and exploring new ties to ASEAN’s involvement in the Regional Comprehensive Economic Partnership (RCEP). Engaging with new markets and regions beyond ASEAN, such as Africa through the African Continental Free Trade Area (AfCFTA) and Latin America via the Pacific Alliance, can reduce ASEAN’s dependency on traditional markets and diversify its economic partnerships.

Concluding his remarks, Mohd Faiz asserted that Malaysia’s vision of equitable and humane trade can position ASEAN as a model for inclusive and sustainable growth, demonstrating that economic integration can extend benefits beyond the privileged few.