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BUSINESS

IPEF: New paradigm of 21st century to ensure fairer growth, inclusivity & shared prosperity

12/06/2022 03:11 PM

KUALA LUMPUR, June 12 (Bernama) -- Malaysia has called for a new paradigm of the 21st Century in rewriting the rules to ensure faster and fairer growth for economies in the region, as well as foster inclusivity and shared prosperity, said the Ministry of International Trade and Industry (MITI).

Its Senior Minister Datuk Seri Mohamed Azmin Ali made the call at the informal Ministerial meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) held in Paris yesterday where 13 other partner countries also participated.

The meeting was chaired by United States (US) Trade Representative Ambassador Katherine Tai.

Mohamed Azmin reiterated Malaysia’s position that the Framework is indeed a vital tool of economic diplomacy in forging further linkages between the US and the Indo-Pacific region.

"As the world moves toward greater convergence of issues across the board, the IPEF’s strategic and economic significance lies in its strengthening the region’s trade ecosystem, providing the impetus to drive economic engagement and cooperation.

“The time is ripe to embark on a new paradigm of the 21st Century, to ensure faster and fairer growth for economies in the region, and foster inclusivity and shared prosperity,” he said, underscoring the overarching theme of the meeting on the need to write new rules on trade and economic growth for the region.

This was shared in a statement issued by MITI here, today.

On the Trade Pillar, a key principle under IPEF’s priority concerns, Mohamed Azmin urged for collaborative resolution of trade issues through consultation and dialogue as such an approach would resonate with the region at large.

"Technical assistance and capacity building must constitute an integral part of the Framework failing which the mantra of inclusivity for all partners will ring hollow and plurilateral economic cooperation for regional prosperity will be illusory,” he said.

On the digital front, Mohamed Azmin projected that the National Digital Economy Blueprint will drive the transformation agenda for the nation to become a vibrant digital economy, and that Malaysia is poised to fully participate in IPEF’s digitalisation initiatives.

Meanwhile, on the subject of corruption, the Senior Minister highlighted that it remains one of the main global issues which require coordinated solutions and international cooperation, stressing that Malaysia, which places great importance on good governance, transparency, accountability, effectiveness and efficiency, has been a party to the United Nations Convention Against Corruption since its inception.

“Hence, we remain committed to combating corruption,” he said, adding that significantly, Malaysia has identified 115 initiatives under the National Anti-Corruption Plan (NACP) 2019-2023, which was developed to transform the country into a corruption-free nation.

Mohamed Azmin further pointed out that through the Framework’s Tax and Anti-Corruption Pillar, Malaysia’s existing anti-corruption structure could be further enhanced with the caveat that the Tax element should be separated from the Anti-Corruption component, so as to allow for more nuanced and impactful deliberations.

-- BERNAMA


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