Singapore to host Apec summit in 2030

This is one way it can contribute to ensuring more inclusive growth, says PM Wong

- Linette Lai

Singapore has offered to host the Asia-Pacific Economic Cooperation (Apec) summit in 2030, said Prime Minister Lawrence Wong on Nov 16.

This is one way that the Republic will contribute to ensuring more inclusive growth, against a backdrop of increasing geopolitical rivalry and weakening support for free trade, he added.

"We find Apec to be a very valuable platform, and we will do our part to support Apec in different ways, including the hosting of Apec summits," he told reporters at the close of this year's summit in Lima, Peru.

Singapore is part of the 21-member Apec, which includes major world powers such as the US, China and Russia, and whose economies make up close to half of global trade. The last time the Republic hosted an Apec summit was in 2009.

PM Wong noted that across the board, there was concern at this year's summit that support for globalization and free trade is weakening around the world.

People in many economies of Apec feel that the fruits of free trade have not been shared equally. Meanwhile, geopolitics is resulting in more things being seen through a security lens, rather than that of win-win cooperation, he noted.

"What can we do about this? One response would be to simply put up more barriers," he observed.

"But it's good that the Apec economies across the board reject that response, and feel that the right way to go about dealing with these concerns is to double down on our trade and investment links, make sure that trade works for the benefit of all our peoples, and find ways to make growth more inclusive."