MINISTER of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Aziz, is leading the country’s delegation at the 31st APEC Ministers Responsible for Trade (MRT) Meeting, taking place from 15 to 16 May on South Korea’s Jeju Island.
The summit, attended by trade ministers from all 21 APEC member economies, convenes at a critical moment for global trade. The world faces continued economic volatility, renewed tariff disputes, and rising challenges to the rules-based multilateral trading system.
Ahead of the meeting, Malaysia’s Ministry of Investment, Trade and Industry (MITI) stated that the country will use the platform to assert its enduring support for an open, inclusive, and transparent global trading framework, with the World Trade Organisation (WTO) at its centre.
“Malaysia remains committed to working closely with the APEC economies to ensure that sustainability, innovation, and open trade are reinforcing and beneficial to all economies, as the region moves towards a more resilient, inclusive and future-ready Asia-Pacific,” Bernama cited Tengku Zafrul saying.
Hosted by South Korea, this year’s meeting is guided by three central themes: Connectivity through the Multilateral Trading System, AI Innovation for Trade Facilitation, and Prosperity through Sustainable Trade. Malaysia’s focus aligns with these priorities, particularly in areas of digital transformation, green growth, and trade facilitation.
On the sidelines of the meeting, Tengku Zafrul is expected to hold high-level bilateral discussions, including with United States Trade Representative Jamieson Greer, WTO Director-General Dr Ngozi Okonjo-Iweala, and South Korea’s Minister of Trade, Industry and Energy, Inkyo Cheong.
Talks with the South Korean minister will include the resumption of Malaysia–South Korea Free Trade Agreement (FTA) negotiations, which were revived in March this year. Additional engagements are scheduled with Australia’s Minister for Trade and Tourism, Don Farrell, and Japan’s Minister of Foreign Affairs, Takumi Miyaji.
An informal ministerial session on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is also planned during the summit.
Earlier in the week, the APEC Committee on Trade and Investment and the Investment Experts’ Group jointly endorsed the Investment Facilitation for Development (IFD) Agreement, calling for its formal adoption within the WTO framework.
“The IFD Agreement has significant potential to improve the investment and business climate across the world, reducing the cost of investment and making it easier for investors in all sectors to operate, expand and contribute to economic growth,” said APEC Trade and Investment Committee Chair, Christopher Tan.
“Incorporating the IFD Agreement into the WTO framework would be a major step forward for global trade and investment, and a win for the region,” he added, highlighting its contribution to the goals of the Putrajaya Vision 2040, particularly in enhancing transparency and predictability across the Asia-Pacific trade environment.
South Korea’s Trade Minister Inkyo Cheong chairs the MRT meeting, which also lays groundwork for APEC 2025, to be hosted by South Korea under the theme “Building a Sustainable Future: Connect. Innovate. Prosper.”
APEC, founded in 1989, now comprises 21 member economies, representing almost half of global trade, over 60 per cent of the world’s GDP, and nearly 40 per cent of its population. Malaysia is among the forum’s 12 founding members. - May 14, 2025
