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Concerns over sustainability in international trade are not new. In 1993, when the Asia Pacific Economic Cooperation (APEC) economic leaders first met on Blake Island, USA, they emphasised: “Our environment is improved as we protect the quality of our air, water and green spaces and manage our energy resources and renewable resources to ensure sustainable growth and provide a more secure future for our people.”
In 1995, when the World Trade Organisation (WTO) was established, it had a clear mandate of ensuring that expansion of trade in goods and services would be in accordance with the objective of sustainable development. More recently, the UN Sustainable Development Goals (SDGs) have provided the impetus for focus on sustainable and inclusive economic growth.
As we witness the effects of climate change at our very doorstep, we must realise that our commitments towards SDGs and Environment, Social and Governance (ESG) will have to go beyond the rhetoric and the aspirational. Natural disasters have caused disruptions to supply and value chains, with a knock-on effect on businesses’ bottom line.
At a more granular level, compliance with international and multilateral laws, regulations, principles, guidelines or disciplines are expected of businesses, especially export-oriented ones. There is also more scrutiny of compliance along the whole value and supply chains. Thus focus on sustainability is not just a nice-to-consider, or good for branding, but is increasingly a must-do.
This program is intended to provide an opportunity for renewed discussion on trade and the environment, and its continued relevance for businesses, specifically those involved in, or are linked to, international trade in goods and/or services.
Rebecca Fatima Sta Maria
Tan Sri Dr Rebecca Fatima Sta Maria is the executive director of the APEC Secretariat based in Singapore, which serves as advisory body, implementation arm and custodian of institutional memory for the 21-member economies that make up the APEC forum. Dr Sta Maria was a top-level Malaysian civil servant, trade negotiator and academic.
She was the Secretary-General of the Malaysian Ministry of International Trade and Industry from 2010 to 2016, where she oversaw the formulation of Malaysia’s international trade policies and positions and often took the lead in their implementation as chief negotiator for bilateral and regional free trade agreements such as the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP).