Malaysia able can be main contributor to WTO agenda in economic growth, development

Malaysia able can be main contributor to WTO agenda in economic growth, development

30 Sep 2022

Malaysia, with its active involvement in the World Trade Organisation (WTO), has been seen as able to be the main contributor to the WTO agenda in terms of economic growth and development.

WTO director-general Dr Ngozi Okonko-Iweala conveyed this to Minister of Domestic Trade and Consumer Affairs Datuk Seri Alexander Nanta Linggi during their meeting in Geneva, Switzerland today.

In a statement issued in conjunction with the meeting, Nanta said Iweala also congratulated Malaysia for its relatively intact and robust economic performance.

“The meeting was beneficial and useful as we also touched on various issued related to WTO’s contribution to Malaysia’s economic growth and development,” he said.

On world hunger which has reached a critical juncture due to the pandemic and the rising food insecurity the world is facing, Nanta said Malaysia welcomed WTO initiatives in ensuring a sufficient supply of essential items and that they were being sold at reasonable prices.

“It is believed to be able to help countries like Malaysia in alleviating the financial burden of the people through distribution of subsidies for food items.

“Prices of goods will record a decline, with a good trade flow and supported by a facilitating network, hence giving benefits to the people,” Nanta said.

The minister also said that the WTO initiative that suited Malaysia most was the initiative on electronic commerce or e-commerce.

“This is because the pandemic has triggered a change in transactions by users. Therefore, this e-commerce initiative will definitely help Malaysia to regulate this sector accordingly, besides not hampering the growth of the industry,” he said.

Source: Bernama