Rise of Global South to push global economy through headwinds

The rise of the Global South countries pushes the global economy through expected headwinds and keeps international trade vibrant, a Malaysian official said here on Saturday.

These developments, in turn, will help unlock potential and facilitate cooperation in addressing a range of pressing issues, including managing climate change, enhancing supply chain resilience, ensuring food security, and shaping the governance of emerging technologies like Artificial Intelligence (AI), said Malaysia External Trade Development Corporation (MATRADE) Chairman Reezal Merican Naina Merican in his remarks at a conference in Kuala Lumpur.

"For Malaysia, the rise of the Global South is a unifying force that brings together our diversity, differences, and discretion. Contrary to the perspectives of detractors, the Global South is not a movement of exclusion but one of inclusion," he said.

"Its purpose is not to isolate the Global North but to advocate for a more balanced and equitable global system. Our mobilization is grounded in the recognition of our growing agency and the desire to collaborate as equals, navigating complex strategic contexts together," he added.

Reezal said as a free and open trading nation, Malaysia will work to strengthen its engagement with regional and sub-regional mechanisms including the Association of Southeast Asian Nations (ASEAN), with Malaysia set to head the grouping in 2025.

"Malaysia is committed to strengthening existing ASEAN mechanisms and institutions, ensuring that they are not only robust but also fit for purpose in addressing the evolving challenges of our times. Additionally, we aim to identify and harness synergies with other frameworks that are vital for regional development and prosperity," he said.

For his part, Belt and Road Initiative Caucus for Asia-Pacific (BRICAP) President Ong Tee Keat noted that ASEAN's emphasis on centrality and maintaining itself as a neutral zone bodes well for its aspirations toward economic growth in pursuit of common prosperity for the region.

"ASEAN, having pronounced its centrality in addressing its security concerns and development priorities, remains steadfast in observing its non-aligned commitment. This reminds the world of its consistency in endeavoring to make the region a zone of peace, freedom and neutrality... ASEAN's bet is visibly focused on economic growth in pursuit of common prosperity for the region," he said.

The conference, organized by the Centre for Economic and Sustainable Development (Asia), brought together trade and economic experts to discuss trade cooperation in the context of a strengthening Global South.