Liew Chin Tong calls for a revamped trade agenda prioritising fairness

INVESTMENT, Trade and Industry Deputy Minister Liew Chin Tong advocates for a revamped trade agenda prioritising fair wages, sustainable development, and climate action, emphasising the need to move beyond traditional competitive practices.He stressed the importance of supply chain resilience, economic security, and de-risking, urging for trade policies that ensure fair compensation for workers, support a robust middle class, and address environmental concerns.Liew emphasised the role of trade in promoting social cohesion and calls for multinational corporations to contribute adequately to state taxes for public services.“It is no longer about competitive lowering of wages, cutting down taxes, offering competitive financial incentives to lure investors at the expense of public funds, reducing environmental standards to attract polluting industries, or downgrading labour standards,” he said in a statement here.“The new trade agenda would have to take into account the fact that trade has to ensure workers are well paid, and both advanced economies and developing countries can sustain a robust middle class.“It would also have to place climate at its centre while ensuring that states receive adequate taxes from multinationals to provide services and ensure social cohesion,” said the DAP secretary-general.The Iskandar Puteri MP also asserts that the new agenda should attract tangible benefits to most of the public.He also pointed out that the world must learn from the experience of a poly-crisis consisting of pandemic and global health challenges, financial instability and inequality, geopolitics and wars, and an increasingly serious climate crisis that happened over the past few years. – March 3, 2024

Subscribe and get top news delivered to your Inbox everyday for FREE