17-11-2024 (LIMA) Singapore has put forward its candidacy to host the Asia-Pacific Economic Cooperation (APEC) Summit in 2030, marking what would be its first hosting of the prestigious gathering since 2009, Prime Minister Lawrence Wong announced today.
Speaking at the conclusion of this year’s APEC Summit in Lima, Peru, Wong emphasised the enduring significance of APEC, whose 21 member economies collectively represent nearly half of global trade volume. The Prime Minister highlighted APEC’s evolution beyond mere trade facilitation, noting its crucial role as an “incubator for ideas” in emerging areas such as supply chain resilience, digital transformation, and sustainability initiatives.
Wong’s remarks painted a sobering picture of the current global landscape, which he described as being at a critical “inflexion point”. He identified several challenges facing the international community, including mounting geopolitical tensions and a concerning shift towards viewing economic matters through an increasingly security-focused lens.
The Prime Minister expressed particular concern about waning public support for globalisation across APEC economies, noting that many citizens feel excluded from the benefits of free trade. However, he praised APEC members’ collective rejection of protectionist measures, instead advocating for more inclusive growth strategies and strengthened trade connections.
Addressing the complex US-China relationship, Wong acknowledged the current “challenging position” between the two powers, characterised by mutual suspicion and strategic competition. He commended recent efforts by Presidents Biden and Xi to establish diplomatic guardrails, particularly regarding sensitive issues such as Taiwan and the South China Sea.
Looking ahead to potential changes in US leadership, Wong expressed hope for continued diplomatic engagement: “We hope that with the new Trump Administration, China will likewise be able to establish similar guardrails,” he said, emphasising Singapore’s willingness to play a facilitating role in maintaining regional stability.
The Prime Minister also highlighted Singapore’s ongoing collaboration with fellow small, open economies like New Zealand and Chile in pioneering new trade frameworks, including recent initiatives in green economy trading. These “pathfinder” efforts, he suggested, could serve as models for broader international cooperation.
