Calls for steps toward Free Trade Area of the Asia-Pacific and inclusive growth for sustainable trade.
At the APEC summit in Lima, Peru, on November 15, Prime Minister Lawrence Wong urged world leaders to take meaningful steps toward achieving the Free Trade Area of the Asia-Pacific (FTAAP), a long-awaited trade deal involving all 21 APEC members. Speaking at an informal dialogue, PM Wong emphasized the need for deeper regional economic integration and outlined practical ways for APEC to make progress toward this goal.
He proposed that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) should remain inclusive, providing pathways for new members that meet accession standards. These trade agreements are essential to the development of the FTAAP, and fostering inclusivity will expand benefits for existing and future members.
PM Wong acknowledged the shifting global environment, where support for globalization is waning and trade-restrictive measures are increasing due to geopolitical tensions. He highlighted the growing risk of economic fragmentation, which threatens the rules-based multilateral trading system. In this context, PM Wong stressed the importance of revitalizing APEC’s founding goal of creating prosperity through economic integration and reaffirming the spirit of win-win cooperation.
He also called on APEC to prioritize inclusive and sustainable growth, ensuring that trade and investment generate tangible benefits for people across the region. Additionally, he urged the group to focus on emerging areas like the digital and green economies, suggesting that digital agreements could improve connectivity and facilitate cross-border business opportunities, while green agreements could create new industries and jobs in sustainability.
PM Wong concluded by reiterating APEC’s relevance in addressing modern economic challenges, emphasizing the critical role the organization plays in shaping the future of trade in the region. He will continue his participation in the summit and attend the APEC Economic Leaders’ Meeting on November 16.
