COMPETITION SHARPENS SINGAPORE’S CAPABILITIES
It is in such an environment where trade barriers are put up in the name of security that APEC leaders are meeting, said Mr Wong.
“Understandably, there are different views across APEC economies around trade, but it is still very good that in this APEC meeting, we were able to achieve a consensus,” he said, underscoring that APEC leaders are “generally still pro-trade” in spite of the caveats on security.
“This is important for Singapore, because we are such a trade-reliant and trade-dependent economy. Trade is not just good to have for us. Trade is our lifeblood, trade is existential for us,” said Mr Wong.
This is why Singapore must continue to support the liberalisation of trade, added the prime minister.
To this end, Singapore has continued to push for reforms to the World Trade Organization, while bringing regional groupings together, such as through trade pacts and free trade agreements.
