Trade and Foreign Ministers Focus on Building a Resilient, Digital, and Inclusive Asia-Pacific Economy
During the 34th APEC Ministerial Meeting in San Francisco (November 14-15, 2023), APEC trade and foreign ministers agreed to prioritize three key areas for the region’s growth: interconnectivity, innovation, and inclusivity. The meeting, chaired by US Secretary of State Antony Blinken and US Trade Representative Ambassador Katherine Tai, emphasized the importance of strengthening the Asia-Pacific economy amidst evolving global challenges.
Singapore’s Minister for Trade and Industry, Gan Kim Yong, stressed the benefits of a rules-based multilateral trading system, which has provided predictability and stability in global trade. He reiterated Singapore’s commitment to advancing cooperation in emerging sectors like the green and digital economies to equip workers with the necessary skills for the future.
The ministers also agreed on several major objectives, including creating a fair, open, and inclusive trade environment and addressing the need for a climate-resilient global economy. They underscored the importance of improving opportunities for micro, small, and medium-sized enterprises (MSMEs) to integrate into global value chains and expand their reach.
The discussions come at a time when multilateralism and free trade are facing challenges due to geopolitical tensions, which have heightened concerns over national security and led to a rise in protectionist policies. Secretary Blinken highlighted the significance of building supply-chain resilience and fostering innovation, especially in addressing critical global issues such as energy transition and digital economy development.
In line with the inclusivity priority, ministers explored ways to improve opportunities for underrepresented groups. This includes advancing women’s participation in science and technology, enhancing access to capital for indigenous entrepreneurs, and leveraging satellite technology to increase connectivity in remote and rural areas.
Additionally, Gan Kim Yong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting, where ministers signed agreements on supply chains, clean economies, and fair economies, further reinforcing the region’s commitment to sustainable and inclusive growth.
Prime Minister Lee Hsien Loong also participated in various discussions during his working visit to the US, where he met with officials including California Governor Gavin Newsom to discuss climate change and reaffirm the strong economic ties between Singapore and California.
