KUALA LUMPUR, Aug 7 — Senator Datuk Seri Tengku Zafrul Tengku Abdul Aziz today urged Southeast Asian companies to learn from the rise of trade protectionism in Western countries, calling on them to take proactive steps to ensure their growth is fair and benefits all levels of society.
Speaking at the PRAXIS public policy conference at KLCC, the minister of trade, investment and industry said companies in the region must do their part to avoid the trend seen in developed countries, where years of declining living standards for workers have fuelled support for far-right movements.
“I fear the long-term trend where more and more people are challenging the current world economic order,” Zafrul said, in response to a question from a forum moderator.
“We’re now seeing governments questioning the current global economic model and calling for a new one. People are increasingly turning to the far right or left. If Malaysians end up worse off, we too may become inward-looking,” he added.
He said companies must be ready for such changes and should make sure their growth is inclusive.
Asean members are among some of the worst hit by President Donald Trump's aggressive trade policy, a move that has been described as an attempt to redraw the global trade order and bring back manufacturing jobs to the US.
Creating jobs was a key election promise of Trump's campaign platform that helped the right-wing tycoon get re-elected for a second term.
