APEC Must Set Gold Standard For Cooperation To Cope With Economic Shocks, Climate Challenges -- PM Anwar

From M. Saraswathi

LIMA (Peru), Nov 16 (Bernama) -- In an era defined by rapid global disruptions from economic shocks to climate challenges, there is a need for a fundamental shift in the Asia-Pacific Economic Cooperation (APEC) on how it approaches economic cooperation that allows all economies, regardless of size, to thrive.

“APEC must become the gold standard for global economic cooperation, leading not from behind the scenes but at the forefront,” Prime Minister Datuk Seri Anwar Ibrahim said here on Friday.

He said the world is no longer merely interconnected; it is interdependent on a level that demands the countries to rethink what it means to cooperate, collaborate and coexist.

“In APEC, we have a rare opportunity to lead not only with ideas but with bold actions that build economic strength from the ground up,” he said during his intervention at the APEC Leaders’ Informal Dialogue with Guests on the penultimate day of the APEC Economic Leaders’ Week (AELW).

“Today, APEC’s charge is clear: transform this interdependence into the greatest strength.

“Global disruptions are not a temporary state; they are the new normal. APEC economies must shift from reactive measures to proactive and resilient economic cooperation,” Anwar said.

According to him, the 21-member economy forum needs economic frameworks that aren’t merely shock-resistant but shock-responsive.

“Imagine a trade and investment environment where every APEC economy, whether big or small, developed or emerging, can absorb shocks and thrive,” he said.

That, Anwar said, starts with deeper digital integration, robust green finance, and an unwavering commitment to fair, transparent supply chains.

“These efforts will empower each of us to weather disruptions and pursue a growth model that truly supports all economies,” he said.

 The Prime Minister also stressed that economic development and progress cannot be viewed purely from a materialistic paradigm.  

“We cannot ignore the plight of the poor and the marginalised, and the victims of violence, aggression and persecution, such as the slaughter of innocent lives on account of race or religion, or the genocide perpetrated against the Palestinians.

“The world is watching, and we cannot afford to hesitate,” he said.

By ensuring global governance, building resilience, protecting the vulnerable and the oppressed, APEC can offer the world a path forward that is not only prosperous but also sustainable and just, Anwar continued.

“Let us make history by our actions. The world needs us to be bold, and we need to be ready,” he said.

APEC is an intergovernmental forum for 21 member economies in the Pacific Rim, promoting free trade across the Asia-Pacific region. Malaysia is one of its 12 founding members.

APEC represents nearly 40 per cent of the world’s population, almost half of global trade, and over 60 per cent of the global economy.  

-- BERNAMA