Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlights Malaysia's pivotal role in shaping regional economic collaboration through its participation in both APEC and ASEAN. As a founding member of APEC in 1989, Malaysia has consistently contributed to the forum's objectives, which aim to promote free trade and economic growth among member economies. In 2023, APEC economies experienced a GDP growth of 3.5%, surpassing the global growth rate of 3.2%, underscoring the region's economic resilience and significance. Notably, APEC economies accounted for 78.1% of Malaysia's trade in 2023, emphasizing the importance of these relationships for the country's economic health.
Looking ahead, Malaysia is set to chair ASEAN in 2025, positioning itself as a key player in the regional economic landscape. The theme for APEC 2024, 'Empower-Include-Grow,' aligns with Malaysia's commitment to fostering inclusive growth and sustainable development. The forum's focus on inclusivity is particularly relevant as it seeks to address the challenges faced by small and medium enterprises, youth, and women entrepreneurs in the region.
The economic forecasts for major APEC economies indicate a growth of 2.5% for the United States and 4.8% for China, highlighting the competitive dynamics within the region. Malaysia aims to adopt a balanced approach in the Indo-Pacific, promoting a rules-based international system that supports equitable economic development. This neutrality positions Malaysia as a potential bridge between rival powers, facilitating dialogue and cooperation in a complex geopolitical landscape.
APEC's extensive network of 212 free trade agreements, with 202 currently in force, reflects its commitment to enhancing trade and investment flows among member economies. Malaysia's strategic engagement in APEC and ASEAN underscores its dedication to multilateralism and sustainable economic growth, which are essential for navigating the challenges of the modern global economy.
As the APEC 2024 summit approaches, the discussions will likely focus on enhancing regional prosperity through innovation, sustainable development, and the integration of digital economies. Malaysia's leadership in these forums will be crucial in shaping the future of economic collaboration in the Asia-Pacific region, ensuring that the benefits of growth are shared equitably among all member states.