PETALING JAYA: Prime Minister Anwar Ibrahim says the World Trade Organization (WTO) needs to be revitalised so that it can better navigate issues such as artificial intelligence, digital trade, and climate policy.
In a Bernama report, Anwar said while Malaysia fully supports a comprehensive reform of the WTO, this should be done without unfairly restricting developing countries.
Anwar, who held a meeting with WTO director-general Ngozi Okonjo-Iweala in Rio de Janeiro today, also reaffirmed Malaysia’s commitment to multilateralism and the need for the WTO to remain inclusive, effective, and responsive.
Anwar and Okonjo-Iweala are in Rio de Janeiro to attend the BRICS Summit.
Anwar also said Malaysia would conduct a comprehensive review of potential membership in the New Development Bank (NDB), a multilateral development bank formerly known as the BRICS Development Bank.
Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the BRICS Summit yesterday.
“Malaysia will thoroughly review the possibility of joining the NDB after taking into account various aspects, including the required commitments and the effectiveness of participation in the institution,” he said after the meeting.
Anwar also expressed Malaysia’s openness to exploring potential cooperation with the NDB within the framework of sustainable development, infrastructure financing, and the strengthening of South-South cooperation.
NDB currently has 11 members: Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia, and Uzbekistan.
Malaysia officially became a BRICS partner country on Jan 1 this year.
