PM Anwar Urges World Trade System Reforms To Address Unfair Practices

KUALA LUMPUR, Dec 2 (Bernama) -- The international trade system needs urgent reforms as the world continues to witness unfair trading practices, said Prime Minister Datuk Seri Anwar Ibrahim. 

He highlighted that despite the presence of the World Trade Organisation, the world faces protectionist measures and the imposition of non-tariff barriers also undermines developing nations.

“Trade no longer offers developing nations a ladder up the value chain,” he said, adding that export markets have become concentrated and dominated by large corporations and digital platforms.

In his keynote address at the Common Action Forum (CAF) 2024 titled ‘Sovereignty and Fair Interdependence - The Global South and the Democratisation of Prosperity’, the prime minister reiterated that international trade must not only be free but must be humane and equitable, in light of this development.

He said the world trade is also witnessing a growing technological divide that undermines progress on climate change and health security, as the current intellectual property regime, originally designed to reward innovation, now imposes substantial barriers to technology transfer.

“The way forward calls for thoughtful reform of intellectual property frameworks to expand access to technology while still incentivising innovation.

“Such a balanced approach would allow us to address shared challenges and promote inclusive, sustainable development,” he noted.

Anwar said that bridging this technological divide is essential to build a world where all nations can contribute to collective prosperity.

He again called for a more robust and fundamentally different kind of multilateralism that requires global rules prioritising equitable development, a genuine voice for developing nations and strong measures against crimes against humanity.

“We need inclusivity, sustainability and justice. The multilateral system is a contested space. Powerful forces oppose progress, but the challenges confronting humanity – whether climate catastrophe or poverty – can only be solved collectively. No nation can do it alone,” he said.

Therefore, Anwar emphasised the importance of steadfast and credible partners for Malaysia and like-minded nations in their quest to create a fairer world.

“This is why Malaysia has worked to forge stronger ties with champions of multilateralism, guided by a renewed foreign policy rooted in inclusion and justice.

“The current configuration of global governance is suboptimal. It is simply unable to meet today's challenges.

Citing facts, he said poverty reduction has stalled, after the pandemic pushed 120 million people once again into extreme deprivation – the first global rise in poverty in 20 years.

“Today, almost a tenth of humanity lives in extreme poverty. By 2030, 600 million may face hunger.

“At current rates, ending extreme poverty will take decades. These outcomes are not coincidental. They arise from a system that was not designed to be inclusive,” he stressed.

-- BERNAMA