KUALA LUMPUR (Dec 8): Malaysia emphasised fairness and security in global trade and called for timely World Trade Organization (WTO) reforms, including restoring the dispute-settlement mechanism and promoting inclusive dialogue to address concerns, especially from developing nations.

The Ministry of Investment, Trade and Industry (Miti) said in a statement on Sunday that Prime Minister Datuk Seri Anwar Ibrahim shared these perspectives during a cordial meeting with WTO director general Dr Ngozi Okonjo-Iweala, during her first visit to Malaysia from Dec 6 to 8, 2024.

The visit was coordinated and hosted by Miti.

During the meeting, the ministry said Anwar and Okonjo-Iweala also discussed key geopolitical and global trade challenges, including rising trade protectionism and how the weakening of the dispute-settlement system has affected the WTO’s credibility in ensuring fairness and security in global trade.

Meanwhile, during her meeting with Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, the discussion focused on Malaysia’s commitment to preserving the WTO’s credibility and driving its reform agenda.

Miti said Zafrul reaffirmed the ministry’s focus on bolstering Malaysia’s position as a dynamic trade hub, while ensuring that global trade remains inclusive and sustainable.

Zafrul 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 minister said Malaysia stands firmly committed to upholding the multilateral trading system (MTS) principles. 

"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," he added. 

The minister also underscored Malaysia’s preparedness to leverage its Asean chairmanship in 2025, to advocate for regional and global trade stability.

Miti said the WTO director general acknowledged Malaysia’s proactive leadership under the prime minister’s stewardship, highlighting its position as a middle power nation, with the unique ability to bridge divides between key economic regions. 

In driving meaningful reforms at the WTO, she acknowledged the importance of safeguarding the MTS for global trade stability.

She expressed the hope that Malaysia, as chair of Asean in 2025, would be able to lead the region in supporting efforts towards WTO reforms, the ministry said.

The visit also included a fireside chat with senior government officials, where key topics such as the challenges faced by highly integrated economies in a multipolar world, the role of artificial intelligence in multilateral trade, and the growing importance of digital trade were addressed. 

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% of global trade, the WTO plays a pivotal role in ensuring that trade flows as smoothly, predictably, and freely as possible.

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