MS. AZIZAH ABD AZIZ
FIRST SECRETARY OF THE PERMANENT MISSION OF MALAYSIA TO THE UNITED NATIONS
ON AGENDA ITEM 17: MACROECONOMIC POLICY QUESTION
AT THE SECOND COMMITTEE OF THE 75TH SESSION OF THE GENERAL ASSEMBLY
Thank you, Mr Chairman.
Malaysia aligns itself with the statement made by Guyana on behalf of the Group of 77 and China, as well as the statement made by Indonesia, on behalf of ASEAN.
2. Malaysia would like to express its appreciation to the Secretary-General for his Report on International Trade and Development, and other relevant reports on the matter.
3. We note with concern that, as the global economy is now characterised by trade tensions, unilateralism and institutional erosion, weaknesses of the multilateral trading system is not only exposed, it is also severely tested by the impacts of the COVID-19 pandemic.
4. Against this backdrop and recognising that global economic recovery cannot be taken for granted, Malaysia supports the call for all nations to take necessary measures to improve, or at the very least sustain basic economic growth in their own country which is essential as contributors for a better global economy.
5. For Malaysia, the Government has put in structural economic reforms in facing the new global landscape post COVID-19, namely through the implementation of economic recovery strategies, followed by all-inclusive economic revitalisation programmes.
6. Malaysia believes that the economic downturn of this magnitude, needs solid collective action of the international community. Malaysia also shares the view that the international community should continue to strengthen coordination and cooperation in restoring market confidence, stabilising global financial markets and energising global economic growth.
7. Malaysia also supports initiatives that further enhance trade liberalisation. As such, Malaysia would continue to expand market access for its goods and services, and attract foreign direct investments, which is an important source of technological know-how and conduit to greater market access.
8. To put our economies back on track, Malaysia also maintains the belief that the perpetuation of protectionism is counterproductive and thus, it is in the interest of all to ensure that this practice is put to a stop.
9. The pandemic and its economic consequences has caught the multilateral trading system severely unprepared. Malaysia attaches great importance to the role and functions of the WTO as the primary global international organisation that deals with the rules of trade between nations in ensuring the survival of a free and fair multilateral trading system.
10. In this regard, we believe that in the long run, the reconstruction of the multilateral trading system is crucial in ensuring the much-needed outcomes as the world takes concrete steps for post-crisis recovery and development. The reform of the WTO, in our view, is one of the ways that could facilitate these outcomes.
11. We are also cognisant of the imminent threat that the pandemic will reverse much of the economic and social progress already made towards the achievement of the Sustainable Development Goals (SDGs). In this context, Malaysia is supportive of WTO’s efforts in addressing the development of trade through the lenses of Sustainable Development Agenda. As one of the most open economies in the world, Malaysia shares the view that trade is a key enabler of achieving the SDGs.
12. In conclusion, Malaysia stresses that the international community must continue to strengthen coordination and cooperation in the ongoing efforts to restore market confidence, stabilise global financial markets and promote global economic growth, especially in mitigating the impacts of COVID-19.
13. We are confident that with government interventions and the reform of the multilateral trading system, there is an opportunity to pivot, in an accelerated manner, global trade and national economies onto an adapted path of long-term growth and sustainable development.
I thank you.