WTO Needs To Adapt To Current International Economic Realities, Says Malaysian Minister

KUALA LUMPUR, June 30 (BERNAMA) -- The World Trade Organization (WTO) must adapt to the realities of today’s international economy to remain relevant amid intensifying competition and evolving global trade dynamics, said Malaysia's Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani.

Johari said WTO emerged at a time when lowering trade barriers and expanding market access were widely seen as drivers of economic prosperity and international stability, but policymakers today operate in a vastly different environment.

“The WTO must be able to adapt to the realities of today’s international economy. It must continue to serve the needs of every member country and be able to address discriminatory trade practices wherever they arise,” he said.

Johari said this in his keynote address at the 39th Asia-Pacific Roundtable (APR), organised by the Institute of Strategic and International Studies (ISIS) Malaysia here today.

--NNN-BERNAMA