Kuala Lumpur (VNA) - Malaysia has called on members of the Asia-Pacific Economic Cooperation (APEC) forum to step up investment and support the transition toward sustainable trade practices.
Malaysia’s Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said more support is needed in areas such as circular economy practices, smart agriculture, and carbon accounting.
“APEC should align sustainability standards, such as carbon measurement, environmental, social, and governance (ESG) reporting, and green certifications, across economies.”
“A common approach is essential to avoid a confusing patchwork of regulations that could unintentionally create trade barriers,” he said at the APEC Ministers Responsible for Trade (MRT) Meeting in Jeju, the Republic of Korea on May 16.
Tengku Zafrul said Malaysia is taking steps domestically to build more resilient and sustainable supply chains, including the planned introduction of a carbon tax framework in 2026, starting with the iron and steel sector.
“To ensure a just transition, we are also working on expanding green financing schemes for small and medium enterprises (SMEs) and introducing tools to support their ESG reporting and export readiness.
This targeted approach is designed to accelerate the adoption of energy-efficient technologies by industries, accelerating our sustainable supply chain goals,” he said, as cited by the Sun.
Besides that, he also called for the accelerated development of digital supply chain information-sharing systems./.
