LIMA: Trade ministers of the 21 Asia Pacific Economic Cooperation (APEC) member economies kicked off their annual meeting here on Thursday, focusing on issues including the anti-globalisation movement, the rise of protectionism and income equality.
The leaders also delved into pressing matters such as the uncertain global economic climate and sluggish world trade, as well as the implementation of inward-looking policies in a number of countries.
The ministers will conclude their two-day meeting later today.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that in some parts of the world, people are questioning the benefits of globalisation and whether small businesses, farmers and fishermen are benefitting from the process.
"We must take these criticisms seriously," Mustapa told the Malaysian media here on Friday.
He noted that since its inception in 1989, APEC has supported free trade and championed trade facilitation as a means to promote world trade and growth.
"While it is true that globalisation has not been perfect, it is undeniable that globalisation has created jobs and opportunities which have resulted in poverty reduction around the world," said Mustapa.
He added that globalisation had also brought small and medium enterprises (SMEs) into the global value chain.
However, there is increasing realisation that some strata of the population have been marginalised by the process, said Mustapa.
This has been manifested by the shock Brexit vote in the UK in June and the recent victory by Donald Trump in the US presidential election.