MANILA: Trade ministers of the 21 Pacific Rim countries have thrown their support behind the World Trade Organisation's multilateral trading system.
The ministers who represent the Asia Pacific Economic Cooperation (APEC) are also seeking to conclude the Doha Round of talks.
They agreed to step up efforts towards implementation of the Bali package in the build-up to the 10th Ministerial Conference (MC10) in Nairobi in December.
In a statement after the APEC trade ministers meeting in Boracay Island today, Malaysia stressed on the need to ratify the WTO Trade Facilitation Agreement (TFA) by year-end.
"Malaysia also wants to quickly conclude and put a closure to the negotiations on the expansion of Information Technology Agreement (ITA)."
The current negotiations were initiated in June 2012 and cover approximately 200 ICT products.
Malaysia also supported the call for economies to firmly resist any protectionist measures and to refrain from raising more barriers to international trade.
The trade ministers endorsed the terms of reference (TOR) of the collective strategic study on issues related to the proposed Free Trade Area of the Asia Pacific or FTAAP.
Malaysia will be participating actively in the FTAAP's study to ensure its strategic interests are taken on board.
"Malaysia welcomes Japan’s proposal on “Quality Infrastructure Investment” to provide Asia with innovative infrastructure financing at a scale of US$110 billion in 5 years."
This will complement the existing efforts undertaken by the Asian Development Bank and Asian Infrastructure Investment Bank.
Malaysian companies would be able to capitalise on these additional sources of funding.
APEC Ministers also endorsed the ‘Boracay Action Agenda to Globalise SMEs.
On the initiative to foster SMEs to go global, Malaysia will be hosting the ASEAN SME Showcase from May 26 to 28 in Kuala Lumpur.