GYEONGJU, South Korea: Leaders of Asia-Pacific Economic Cooperation (APEC) economies are attending the summit in uncertain times, but the group can make a difference by embracing the spirit of cooperation, Prime Minister Lawrence Wong said on Friday (Oct 31).
Speaking during a session at the APEC Economic Leaders' Meeting, Mr Wong called on the other leaders to be pragmatic and stay forward-looking.
"Doing so will deliver tangible outcomes for our economies, while reinforcing the rules-based global order," he said.
The prime minister said there is rising pressure toward fragmentation, and multilateralism is under threat, so it is important to remember the founding beliefs and values of APEC.
He urged APEC leaders to work towards reforming the World Trade Organization (WTO) so that it remains "effective and relevant".
The WTO's principle of making decisions on consensus has become a "recipe for paralysis", he said, adding that new mechanisms are needed so that meaningful outcomes can be delivered.
"As many have already noted, the WTO is not perfect, and our response should not be to abandon it but to improve it."
Mr Wong also spoke about stepping up cooperation across different trade groupings to make progress toward the long-term goal of a Free Trade Area of the Asia-Pacific.
Existing agreements are important building blocks, and bridges should be built between them, he said.
He also noted that sectoral agreements – like one on the green economy that Singapore, Chile and New Zealand are working toward – can bring gradual alignment in specific areas.
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Speaking during a session at the APEC Economic Leaders' Meeting, Mr Wong called on the other leaders to be pragmatic and stay forward-looking.
"Doing so will deliver tangible outcomes for our economies, while reinforcing the rules-based global order," he said.
The prime minister said there is rising pressure toward fragmentation, and multilateralism is under threat, so it is important to remember the founding beliefs and values of APEC.
He urged APEC leaders to work towards reforming the World Trade Organization (WTO) so that it remains "effective and relevant".
The WTO's principle of making decisions on consensus has become a "recipe for paralysis", he said, adding that new mechanisms are needed so that meaningful outcomes can be delivered.
"As many have already noted, the WTO is not perfect, and our response should not be to abandon it but to improve it."
Mr Wong also spoke about stepping up cooperation across different trade groupings to make progress toward the long-term goal of a Free Trade Area of the Asia-Pacific.
Existing agreements are important building blocks, and bridges should be built between them, he said.
He also noted that sectoral agreements – like one on the green economy that Singapore, Chile and New Zealand are working toward – can bring gradual alignment in specific areas.
Continue reading...