Singapore will host the APEC summit in 2030

Mr Wong also noted that leaders of APEC economies recognize “at a broad level” the need for stronger trade ties.

“But everyone will face restrictions and domestic circumstances, and may not be able to move at the same pace,” he said.

Citing the example of climate change, Mr Wong said: “The starting point to combat global warming and tackle climate change is to put a price on carbon and phase out fossil fuel subsidies. But not everyone is able to take that step. one will move at one’s own pace because there are domestic considerations, political sensitivities and so on.”

So what’s important is that there is at least a broad understanding of the end point, he noted.

“We recognize that not everyone can move together, and that is why we will seek to rally like-minded economies to move first,” he said.

Mr Wong added that among APEC economies, the smaller, more open economies such as Singapore, New Zealand and Chile have often come together to be “boy scouts”.

This was done with the P4 (Brunei, Singapore, Chile and New Zealand), which resulted in the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), and subsequently the Digital Economy Partnership Agreement, Mr Wong noted.

P4 is a comprehensive economic agreement signed in 2005 and the CPTPP is a free trade agreement between 11 countries, including Brunei, Singapore, Chile and New Zealand, signed in 2018. The Digital Economy Partnership Agreement was initially signed by Singapore, Chile and New Zealand in 2020, establishing new approaches and collaborations on digital trade issues. South Korea joined in 2024.

Chile, New Zealand and Singapore have come together to form a joint working group on trade in the green economy, he said.

“We hope that this will allow us to again pioneer what rules and standards are needed for exchange and cooperation on low-carbon and green solutions, and that this would enable more cross-border trade in low-carbon activities,” added he added. .

“If we can establish this framework, hopefully this can eventually grow into a new international initiative.”