Malaysia Proposes Changes To Global Financial Architecture For Fair Trade

KUALA LUMPUR, Nov 21 (Bernama) -- Malaysia has called upon the International Monetary Fund (IMF) and World Trade Organisation (WTO) to reform the global financial architecture to support free trade without discrimination against smaller nations, said Prime Minister Anwar Ibrahim.

Speaking at Lower House of the Malaysian Parliament during the Minister's Question Time (MQT), Anwar said the matter was raised in various meetings and dialogues during the APEC Economic Leaders’ Week (AELW) in Peru, the G20 Summit in Brazil, and the Extraordinary Arab and Islamic Summit in Riyadh, Saudi Arabia that he had attended recently.

“The rise of protectionism has begun, even among G20 nations that were originally proponents of free trade principles.

“This is why we proposed for the IMF to undertake reforms to the global financial architecture and for the WTO to support free trade without discrimination of smaller nations,” he said.

The Prime Minister emphasised that while Malaysia is not a G20 member, the nation was invited to give its views on several issues, reflecting the country’s active engagement in global discussions.

“The first issue was addressing hunger and eradicating poverty, followed by combating corruption. Malaysia was asked to lend its support, and a committee which will be set up will consider Malaysia’s role, even though we are not a G20 member as yet,” he said.

Anwar returned to Malaysia on Wednesday after a 10-day visit to Egypt, Saudi Arabia, Peru, and Brazil from Nov 9-19.

He attended the AELW in Lima, Peru, marking his first visit to Latin America as Prime Minister.

This was followed by an official visit to Brazil where Malaysia participated as a guest nation at the G20 Summit, along with 16 other nations including Chile, Qatar, Egypt, Singapore, Spain, the United Arab Emirates and Vietnam, at the invitation of Brazilian President Luiz Inácio Lula da Silva.

-- BERNAMA