APEC Leaders Urged to Foster Cooperation and Reform WTO

Leaders of the Asia-Pacific Economic Cooperation (APEC) convened in Gyeongju, South Korea, on October 31, 2023, where Singapore’s Prime Minister Lawrence Wong emphasized the need for cooperation amid challenging global conditions. During the APEC Economic Leaders’ Meeting, Mr. Wong urged fellow leaders to adopt a pragmatic and forward-looking approach to achieve meaningful outcomes for their economies.

In his address, Mr. Wong acknowledged the growing pressures towards fragmentation and the threats facing multilateralism. He highlighted the importance of returning to the founding beliefs and values of APEC. “Doing so will deliver tangible outcomes for our economies while reinforcing the rules-based global order,” he stated.

The Prime Minister specifically called for reform of the World Trade Organization (WTO), asserting that its current decision-making process based on consensus has led to paralysis. He noted, “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 emphasized the need for new mechanisms that facilitate meaningful decision-making to ensure that the WTO remains “effective and relevant.”

Advancing Free Trade in the Asia-Pacific

In addition to advocating for WTO reform, Mr. Wong discussed enhancing cooperation across various trade groupings to work toward the long-term objective of a Free Trade Area of the Asia-Pacific. He described existing agreements as vital building blocks and expressed the importance of creating bridges between them.

Mr. Wong cited sectoral agreements, such as the one involving Singapore, Chile, and New Zealand focused on the green economy, as a method to achieve gradual alignment in specific sectors. He stressed that the mission of promoting free and open trade and investment in the region is now “more important than ever.” He stated, “Singapore looks forward to working with all APEC economies to build a global system that benefits everyone.”

During the summit, Mr. Wong engaged in bilateral discussions with officials from various countries. He met with Scott Bessent, the US Treasury Secretary, John Lee, the Chief Executive of Hong Kong, and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi representing the United Arab Emirates (UAE).

High-Profile Dinners and Meetings

On the sidelines of the summit, Mr. Wong participated in dinners hosted by South Korean President Lee Jae Myung and New Zealand Prime Minister Christopher Luxon. Notably, US President Donald Trump was the guest of honor at the dinner on Wednesday, preceding his meeting with Chinese President Xi Jinping on Thursday morning in Busan.

As APEC leaders discussed pressing global issues, the call for collaboration and reform echoed through the summit. The focus on a unified approach to trade and economic policies stands as a crucial step in navigating the complexities of today’s geopolitical landscape.