{"id":7991,"date":"2025-11-01T02:58:37","date_gmt":"2025-10-31T18:58:37","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=7991"},"modified":"2025-11-01T02:58:37","modified_gmt":"2025-10-31T18:58:37","slug":"apec-leadership-needed-to-reform-wto-keep-it-relevant-pm-wong","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=7991","title":{"rendered":"Apec leadership needed to reform WTO, keep it relevant: PM Wong"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\"><span class=\"dateline\">GYEONGJU, South Korea<\/span> <!-- -->\u2013<!-- --> The collective leadership of Apec\u2019s 21 economies is needed to reform and strengthen the World Trade Organisation (WTO) so that it stays effective and relevant, Prime Minister Lawrence Wong said at the annual Asia-Pacific Economic Cooperation (Apec) summit.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">While the WTO is not perfect, countries should not seek to abandon the trade body, but rather to improve it, he said on Oct 31 at a session of the Apec Economic Leaders\u2019 Meeting (AELM), which runs from Oct 31 to Nov 1 in Gyeongju, South Korea.   <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Noting that 2025\u2019s meeting was taking place amid multilateralism under pressure and a global economy facing headwinds, PM Wong called on Apec members to support new mechanisms for \u201coutcome-oriented decision-making\u201d at the WTO, as its current consensus principles have become a recipe for paralysis.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">They should also embrace flexible multilateralism, so that like-minded countries can move first to respond to new and emerging issues, while others can join when they are ready, he added.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">PM Wong\u2019s remarks came days after WTO chief Ngozi Okonjo-Iweala called for reform of the trade body\u2019s consensus rule, which requires unanimous agreement among its 166 members to secure global trade deals.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">A new approach is needed, particularly as the global trading system is undergoing its largest disruption in eight decades, Dr Okonjo-Iweala said on Oct 28.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">On Oct 31, PM Wong echoed calls by other Apec leaders to lend their political support to launch the reform process when WTO members meet in Cameroon in March 2026. The meeting, which takes place every two years, is the highest decision-making platform for the 30-year-old trade body.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">\u201cApec was founded with the mission to champion free and open trade and investments in the Asia-Pacific region,\u201d he noted. \u201cThis mission is now more important than ever, and it is our collective leadership that will enable us to achieve this.\u201d <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">PM Wong also outlined other ways for Apec economies to shore up the rules-based multilateral trading system.  <\/p>\n<p><iframe loading=\"lazy\" title=\"PM Wong attends Apec Economic Leaders\u2019 Meeting on Oct 31\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/KNqRDILakrI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">For instance, cooperation across different trade groupings should be stepped up to move closer to countries\u2019 longer-term goal of a free trade area of the Asia-Pacific.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">He noted that there are already comprehensive free trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">\u201cThese are important building blocks, and we should build bridges between them to promote interoperability,\u201d he said. <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">The CPTPP is a free trade agreement first signed in 2018 which now has 12 members, including Japan, the United Kingdom, Canada and Mexico. It evolved out of a smaller grouping founded by Singapore along with three other Apec nations: Chile, New Zealand and Brunei.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">PM Wong also cited sectoral agreements like the Digital Economy Partnership Agreement (Depa) and<a href=\"https:\/\/www.straitstimes.com\/singapore\/politics\/spore-chile-and-new-zealand-launch-negotiations-for-a-new-green-trade-pact?ref=inline-article\" rel=\"nofollow noopener\" class=\"gap-x-04 items-center inline text-primary-60 select-auto\" aria-label=\"link\" target=\"_blank\" data-testid=\"custom-link\"><\/p>\n<p class=\"font-body-baseline-regular inline\" data-testid=\"paragraph-test-id\"> the world\u2019s first Green Economy Partnership Agreement (Gepa),<\/p>\n<p><\/a> which he said can bring about a gradual alignment of standards and rules in these new areas.<\/p>\n<figure class=\"landscape inline-media-wrapper\" data-testid=\"inline-media-test-id\">\n<div class=\"flex flex-col items-start relative w-fit\"><picture><source media=\"(max-width: 480px)\" srcset=\"https:\/\/cassette.sphdigital.com.sg\/image\/straitstimes\/333b8c52b0a3726ac380e69e6f37b83d938cef665ef99f7bf0a3c5cb8a0f45fd?w=480\"\/><source media=\"(min-width: 481px) and (max-width: 720px)\" srcset=\"https:\/\/cassette.sphdigital.com.sg\/image\/straitstimes\/333b8c52b0a3726ac380e69e6f37b83d938cef665ef99f7bf0a3c5cb8a0f45fd?w=720\"\/><source media=\"(min-width: 721px)\" srcset=\"https:\/\/cassette.sphdigital.com.sg\/image\/straitstimes\/333b8c52b0a3726ac380e69e6f37b83d938cef665ef99f7bf0a3c5cb8a0f45fd?w=900\"\/><img decoding=\"async\" src=\"https:\/\/cassette.sphdigital.com.sg\/image\/straitstimes\/333b8c52b0a3726ac380e69e6f37b83d938cef665ef99f7bf0a3c5cb8a0f45fd\" alt=\"\" class=\"aspect-landscape flex items-start shrink-0 object-cover landscape article-landscape mobile:w-screen tablet:w-auto\" data-testid=\"image-test-id\" loading=\"lazy\"\/><\/picture><\/div><figcaption class=\"mobile:mx-16 tablet:mx-00 flex flex-col gap-08 py-16 desktop:pb-24\">\n<p class=\"font-eyebrow-baseline-regular text-secondary\" data-testid=\"inline-media-caption-test-id\">(Seated from left) Chile\u2019s Minister of Foreign Affairs Alberto van Klaveren, Singapore\u2019s Minister for Sustainability and Environment and Minister in Charge of Trade Relations Grace Fu and New Zealand\u2019s Minister for Trade and Investment Todd McClay signing the Gepa on Oct 31. Together with them are (standing from left) Chile President Gabriel Boric, Singapore PM Lawrence Wong and New Zealand PM Christopher Luxon.<\/p>\n<p class=\"font-eyebrow-baseline-regular text-placeholder\" data-testid=\"inline-media-credit-test-id\">ST PHOTO: CHONG JUN LIANG<\/p>\n<\/figcaption><\/figure>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Earlier on Oct 31, Singapore, Chile and New Zealand announced that they had launched negotiations on Gepa, a green trade pact that could include cooperation in areas such as sustainable aviation fuel, carbon credits and renewable energy certificates.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Depa, which facilitates digital trade, was signed in 2020 between the same three countries. South Korea joined as the fourth member in 2024, and China is among nine other economies keen to be included. Several small, trade-dependent economies like Singapore have also started new platforms, such as the Future of Investment and Trade Partnership. <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Apec can nurture these initiatives and scale up the promising ones so that the region remains open, connected and conducive for trade and investments, said PM Wong. Apec economies should also explore practical projects with the private sector in areas like trade facilitation, he added. <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Simplifying and digitising trade processes is a concrete way to remove red tape and reduce business costs, and PM Wong said he looked forward to the establishment of an Apec Centre of Excellence for Paperless Trade.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">\u201cWe can transform Apec into a paperless trade region, driving efficiency while accelerating sustainability and integration,\u201d he said.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">While these are uncertain times, PM Wong said Apec can make a difference by embracing cooperation, being pragmatic and staying forward-looking.\u00a0<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">\u201cDoing so will deliver tangible outcomes for our economies, while reinforcing the rules-based global order,\u201d he said. \u201cSingapore looks forward to working with all Apec economies to build a global system that benefits everyone.\u201d <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">Apart from the AELM, PM Wong held bilateral meetings with US Secretary of the Treasury Scott Bessent; Abu Dhabi\u2019s Crown Prince, Sheikh Khaled Mohamed Zayed Al Nahyan; and Hong Kong chief executive John Lee.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">In a post on X, PM Wong said he had a good meeting with Mr Bessent and they discussed ways to strengthen ties between the two countries and foster growth through innovation, finance and digital technologies. <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">He added that Singapore will do its part to support the US\u2019 presidency of<!-- --> <!-- -->the Group of 20<!-- --> <!-- -->in 2026.<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">On his meeting with<!-- --> <!-- -->Sheikh Khaled, PM Wong<!-- --> <!-- -->said: \u201cAs Singapore and the United Arab Emirates mark 40 years of friendship, we spoke about deepening our partnership, including in energy, artificial intelligence and digital governance.\u201d<\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">PM Wong also attended a dialogue session with the Apec Business Advisory Council (ABAC). <\/p>\n<p class=\"font-body-baseline-regular text-primary\" data-testid=\"article-paragraph-annotation-test-id\">In a separate post, he said he was grateful for the work of Singapore\u2019s representatives at ABAC: Singapore Business Federation chief executive<!-- --> officer<!-- --> Kok Ping Soon; Keppel Data Centres chief executive<!-- --> officer<!-- --> Wong Wai Meng; and OCBC Bank\u2019s head of global corporate banking Elaine Lam. He thanked the trio for their work to launch the Apec Centre for Paperless Trade in Singapore, and for helping businesses trade more efficiently.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.straitstimes.com\/singapore\/apec-leadership-needed-to-reform-wto-keep-it-relevant-pm-wong\" target=\"_blank\" rel=\"noopener\">Read Full Article At Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GYEONGJU, South Korea \u2013 The collective leadership of Apec\u2019s 21 economies is needed to reform and strengthen the World Trade Organisation (WTO) so that it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-7991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/7991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7991"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/7991\/revisions"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}