PM Wong expresses commitment to promoting inclusive growth through Apec leadership.
On November 16, 2024, Prime Minister Lawrence Wong announced Singapore’s bid to host the APEC summit in 2030, reinforcing the country’s role in promoting inclusive growth in the face of rising geopolitical tensions and declining support for free trade. PM Wong emphasized that APEC provides a valuable platform for fostering deeper trade and investment ties among the 21 member economies, which represent nearly half of global trade.
Singapore’s last APEC summit hosting was in 2009. PM Wong expressed the nation’s eagerness to continue contributing to APEC’s goals of strengthening the rules-based multilateral trading system and advancing economic integration across the Asia-Pacific region.
The Prime Minister also noted the challenges of globalization, with many economies questioning whether the benefits of free trade are equitably shared. Despite this, APEC leaders reaffirmed their commitment to trade cooperation, rejecting protectionist approaches and emphasizing the need to make growth more inclusive.
In the joint declaration, leaders pledged to continue supporting the World Trade Organization and work toward an open and predictable global trade environment. The upcoming APEC summits will take place in South Korea (2025), China (2026), Vietnam (2027), and Singapore in 2030.
PM Wong also discussed ongoing efforts within APEC to foster collaboration on emerging sectors such as the green economy. He highlighted a new joint working group between Chile, New Zealand, and Singapore to develop standards for low-carbon solutions, aiming to create a framework that could expand into a broader international initiative.
