KUALA LUMPUR, May 15 (Bernama) – Prime Minister Datuk Seri Anwar Ibrahim has warned that unilateral actions and the rise of protectionism by economic superpowers go against the grain of free trade and threaten the entire global trading system, especially small developing economies.
“Can you imagine that in 2025, despite the presence of the World Trade Organisation (WTO) and multilateral trading arrangements, we have the rise of protectionism, arbitrary imposition on tariffs and unilateral sanctions?” he said during a public lecture entitled “ASEAN in a Multipolar World: Perspectives from Malaysia” at the Moscow State Institute of International Relations (MGIMO) today.
Anwar, who is also Finance Minister, said this would lead to economic decoupling which threatens the entire system that the world has somewhat agreed upon.
This would affect trading nations like Malaysia as well as other countries in ASEAN, he said.
Malaysia, he pointed out, has become a leading global hub for semiconductor industry and the production chips in the region.
And as Malaysia is moving towards advanced design and packaging, “we are suddenly threatened with this.”
“We are in a geopolitical flux (and) they cast a shadow, not only on security issues,” he said.
He said it was pertinent to continue to advocate for open trade and enhance economic cooperation.
“The days of protectionism must be over. This must stop and it must be a rules-based world order.
“So, I represent my colleagues in ASEAN in fostering this issue (and) that is why we support the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP).
“And now (we have) Russian support, a country that proposed Malaysia’s entry as a partner country into BRICS.
“It was President (Vladimir) Putin who proposed at last year's meeting Malaysia’s entry as partner country in BRICS, and of course, supported by China, India, and Ethiopia,” he said.
Anwar said Malaysia will continue to want to expand its trade and investment with traditional partners such as the United States which remains the largest investor in the country.
At the same time, he added, Malaysia looks forward to opening up new trade and investment markets.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
