PORT MORESBY, Nov 17 -— Prime Minister Tun Dr Mahathir Mohamad warned the Asia Pacific Economic Cooperation (Apec) bloc today to deal with the “age of disruption” or risk becoming irrelevant.
He said what was worrying was not the strategy, but the speed of needed interventions to handle such technological disruptions, as ride-sharing and home-sharing platforms disrupt conventional taxi and hotel businesses.
“It is a new frontier, mostly still uncharted. Apec too will have to deal with this disruption, failing which, it too will become irrelevant.
“It is time that member countries of Apec and other trade organisations realise that in the age of disruption, a fairer and more genuine cooperation between the developed and developing nations can help member states to deal with the disruption,” Dr Mahathir said in a keynote address at the Apec CEO Summit here held on P&O cruise ship “The Pacific Explorer”.
Apec, a 21-member economic grouping of which Malaysia is part of, comprises both rich and poor nations like the United States, Russia, China, Mexico, and Papua New Guinea.
Dr Mahathir pointed out that in a speech he made in Parliament last month, he had said his administration would focus on “inclusive and equitable” development to ensure that all Malaysians enjoyed shared prosperity.
“Apec should also promote the concept of shared prosperity among its member states. I believe in the adage, ‘Prosper Thy Neighbour’ and not ‘Beggar Thy Neighbour’. Everyone gains from the former, while only one side gains from the latter.
“Only with this win-win concept among Apec members can we chart a common and an inclusive future in the Age of Disruption,” said Dr Mahathir.
