Why did Singapore offer to host the 2030 Apec summit?

Question

Accepted Answer

Singapore Offers to Host 2030 Apec Summit to Foster Inclusive Growth and Strengthen Trade Ties

Singapore has put forward its bid to host the 2030 Asia-Pacific Economic Cooperation (Apec) summit, a move intended to contribute to more inclusive growth and reinforce the value of Apec as a platform. Prime Minister Lawrence Wong announced this offer, underscoring Singapore's commitment to supporting the economic bloc. This initiative comes at a time when global trade faces skepticism and geopolitical tensions are on the rise, with Apec economies aiming to counter protectionism and enhance economic integration.
Contribution to Inclusive Growth

Prime Minister Lawrence Wong stated that hosting the 2030 Apec summit is a tangible way for Singapore to contribute to ensuring that economic growth is more inclusive. He views Apec as a crucial platform for dialogue and cooperation among its 21 member economies. By offering to host, Singapore aims to actively participate in shaping Apec's agenda and reinforcing its role in fostering shared prosperity.
Addressing Global Trade Skepticism and Geopolitics

Wong acknowledged the growing global skepticism surrounding globalization and the uneven distribution of benefits from free trade agreements. He also noted the increasing tendency to prioritize geopolitics through a security lens, potentially overshadowing cooperative gains. In response to these challenges, Singapore's offer to host the summit signals a commitment to strengthening trade and investment links and finding practical ways to make growth more inclusive for all economies within the region.
Reinforcing a Rules-Based Trading System

The offer to host the 2030 summit aligns with Apec leaders' reaffirmation of their support for a rules-based multilateral trading system, with the World Trade Organisation at its core. Singapore's bid can be seen as a proactive step to advance Asia-Pacific economic integration and maintain an open, inclusive trade environment. Historically, Singapore has been a pioneer within Apec, having been instrumental in initiatives such as the P4 free trade agreement, which later evolved into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Reading history

Hide →

This history is cleared when the page is closed.

Why did Singapore offer to host the 2030 Apec summit?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends