S'pore offers to host 2030 APEC summit

Prime Minister Lawrence Wong said Singapore has offered to host the 2030 Asia-Pacific Economic Cooperation (APEC) summit.

Speaking to reporters at the close of this year's summit in Peru on Nov. 16, PM Wong regarded APEC as an invaluable platform for trade, investment, and the spreading of ideas, CNA and The Straits Times reported.

"Singapore regards this as an important grouping, not just for trade and investment, because APEC also serves as an incubator for ideas around other areas of cooperation, like supply chains, digital economy and sustainability," he said.

"We will do our part to support APEC in different ways, including the hosting of APEC summits,” he added.

APEC is a regional economic forum established in 1989 and includes 21 members, including Singapore and several major world powers like the U.S., China and Russia. Collectively, the members make up nearly half of global trade.

Singapore last hosted an APEC Summit in 2009.

World tensions

"There are powerful forces that are shaping the trajectory of events in the coming years," PM Wong said.

These forces could potentially weaken global economic cooperation as support for globalisation and free trade weakens.

People in several APEC economies feel that the fruits of free trade have not been shared equally, he added.

However, APEC economies have also rejected the idea of putting up more barriers in response to these globalisation concerns.

Instead, the economies feel that doubling down on trade and investment links is the better way to progress, which will lead to more inclusive economic growth.

APEC leaders affirmed their commitment to a rules-based multilateral trading system, as well as advancing economic integration in the Asia-Pacific.

They will work together towards delivering an open, inclusive and predictable trade and investment environment.

Despite their commitment, APEC economies won't be able to advance at the same pace as they face different constraints.

"We recognise that not everyone can move in tandem, and so we will try to gather like-minded economies to move first,” PM Wong said.

APEC vital to Singapore

APEC is important to Singapore not just for trade and investment, but also as an incubator for ides in areas such as supply chains, the digital economy and sustainability, PM Wong said.

He added that the smaller, more open economies in APEC have often come together to collaborate.

He pointed to the P4 as an example, which resulted in Brunei, Singapore, Chile and New Zealand collaborating in a Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as well as a Digital Economy Partnership Agreement.

The partnerships have since expanded to include bigger economies.

Chile, New Zealand and Singapore have also formed a joint working group around trade in the green economy, aiming to foster more cross-border trade in low carbon activities.

“If we are able to put in place this framework, hopefully this can eventually grow into another international initiative,” PM Wong added.

U.S.-China relationship

PM Wong expressed hope for U.S.-China ties under soon-to-be president Donald Trump.

Though tensions have been rife between them due to mutual mistrust and suspicion, both countries have agreed on "guard rails" to prevent ties from souring to the point of no return.

Such issues include the escalation on issues such as Taiwan and the South China Sea, he said.

PM Wong hopes that the U.S. and China can collaboratively work on issues they have utual interest in, such as climate change.

Singapore can also play a helpful role between the two major economies.

“To the extent that Singapore can help, we will certainly do our part to facilitate,” he said. 

Group of 20 (G20) summit

PM Wong will be in Rio de Janeiro, Brazil from Nov. 17 to 20 for the G20 summit, which will be attended by leaders such as Chinese President Xi Jinping and U.S. President Joe Biden.

The leaders will discuss the fight against global hunger and poverty, as well as the reform of the United Nations, World Bank and other international institutions.

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Top photo via MDDI