Tengku Zafrul Attends 31st APEC Trade Ministers’ Meeting in South Korea to Strengthen Multilateral Trade Platform

JEJU, South Korea, May 15 (Bernama) – Malaysia’s Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, is leading the Malaysian delegation at the 31st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea.

The two-day meeting, starting May 15, takes place against a backdrop of prolonged global economic uncertainty, ongoing tariff negotiations with the United States, cross-border trade barriers, and a rapidly evolving economic landscape.

With South Korea hosting the meeting, APEC member economies are expected to reaffirm the importance of a robust and inclusive multilateral trading system. The summit also highlights key focus areas such as artificial intelligence (AI) and demographic challenges.

In a statement issued before the working visit, Malaysia’s Ministry of Investment, Trade and Industry (MITI) said that the country will use the APEC platform to reiterate its strong commitment to a transparent, rules-based multilateral trading system anchored by the World Trade Organization (WTO).

This aligns with South Korea’s thematic priorities: Connectivity through a Multilateral Trading System, AI Innovation for Trade, and Prosperity through Sustainable Trade, said MITI.

On Tuesday, APEC’s Committee on Trade and Investment and the Investment Experts Group collectively voiced support for the Investment Facilitation for Development (IFD) Agreement, calling for its integration into the WTO’s legal framework.

The IFD Agreement aims to enhance transparency, streamline procedures, and establish a predictable environment for investors—particularly in developing economies.

In a joint statement following the Second APEC Senior Officials’ Meeting and related sessions in Jeju, the Committee encouraged broader participation in the IFD Agreement and its adoption within the WTO framework.

“The IFD Agreement has the potential to significantly improve the global investment and business climate, lower investment costs, and enable investors across sectors to operate, grow, and contribute to economic development,” said APEC Committee on Trade and Investment Chair Christopher Tan.

“Incorporating the IFD into the WTO framework would be a major advancement for global trade and investment, and a win for the region,” he added.

Tan also emphasized that the IFD would contribute to achieving the Putrajaya Vision 2040 by fostering a transparent and predictable trade and investment environment in the Asia-Pacific, thereby boosting the region’s attractiveness to investors.

Tengku Zafrul echoed this sentiment, affirming Malaysia’s commitment to working closely with APEC members to ensure that sustainability, innovation, and open trade benefit all economies as the region transitions toward a more resilient, inclusive, and future-ready Asia-Pacific.

On the sidelines of the MRT meeting, Tengku Zafrul is scheduled to meet U.S. Trade Representative Jamieson Greer and WTO Director-General Dr. Ngozi Okonjo-Iweala.

He is also expected to hold bilateral talks with South Korea’s Minister of Trade, Industry and Energy, Inkyo Cheong, to further discuss the Malaysia-Korea Free Trade Agreement (FTA), which both countries agreed to resume negotiations on in March 2024.

Other planned meetings include discussions with Australia’s Minister for Trade and Tourism, Don Farrell, and Japan’s Deputy Foreign Minister, Takumi Miyaji.

An Informal Ministerial Meeting on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will also be held on the sidelines of the MRT sessions.

The 31st APEC MRT Meeting is chaired by South Korea’s Inkyo Cheong. As the host of APEC 2025, South Korea has adopted the theme “Building a Sustainable Future: Connect. Innovate. Progress.”

APEC is an intergovernmental forum of 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. It represents nearly 40% of the world’s population, about half of global trade, and over 60% of global GDP.

Malaysia is one of APEC’s 12 founding members, alongside Australia, Brunei, Canada, Indonesia, Japan, South Korea, New Zealand, the United States, the Philippines, Singapore, and Thailand. Other members joined between 1993 and 1998, completing the 21-member forum.

— BERNAMA

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