Singapore will host the Apec Summit in 2030

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

This is one way the Republic will help ensure more inclusive growth, against a backdrop of increasing geopolitical rivalry and weakening support for free trade, Prime Minister Wong said.

“We consider Apec to be a very valuable platform and we will do our part to support Apec in various ways, including organizing Apec summits,” he told reporters at the end 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 account for almost half of world trade. The last time the country hosted an Apec summit was in 2009.

Prime Minister Wong noted that at this year’s summit there is widespread concern that support for globalization and free trade is weakening around the world.

People in many Apec economies believe that the benefits of free trade have not been distributed equally. Meanwhile, geopolitics means that more and more issues are being viewed through a security lens, rather than through win-win cooperation, he noted.

“What can we do about this? One response would be to simply erect more barriers,” he noted.

“But it is good that Apec economies across the board are rejecting that response and believe that the right way to deal with these concerns is to double down on our trade and investment ties, ensure that trade benefits to all our countries. peoples, and find ways to make growth more inclusive.”

This is an important takeaway from this year’s Apec meetings, added Prime Minister Wong, who attended the summit for the first time as Prime Minister.

In their joint statement at the end of the summit, Apec leaders reaffirmed their countries’ support for the rules-based multilateral trading system, with the World Trade Organization at its core. They also reiterated their commitment to promoting economic integration in the Asia-Pacific and continuing to work towards creating an open, inclusive and predictable trade and investment environment.

Even with consensus on trade and tackling climate change, Apec economies are unable to develop at the same pace as they face various constraints, such as domestic considerations.

“We recognize that not everyone can move together, so we will seek to rally like-minded economies to move first,” said Prime Minister Wong.

He emphasized that Apec is important to Singapore not only for trade and investment, but also as an incubator for ideas in areas such as supply chains, the digital economy and sustainability.

In this grouping, small, open economies like Singapore have often come together as pioneers, he noted.