Focus on stabilizing US-China ties and opportunities for Singapore in global trade
At the conclusion of his six-day visit to the US for the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, Singapore’s Prime Minister Lee Hsien Loong addressed the challenges and opportunities surrounding US-China relations. While acknowledging the deep differences between the two global powers, PM Lee emphasized that their recent face-to-face meeting marked an important step toward stabilizing relations, though he cautioned that there would be no quick fixes.
PM Lee highlighted that while tensions between the US and China are complicated, the two countries must cooperate on global issues, including climate change and regional stability. He expressed hope that sustained contact between both leaders could help prevent further escalations and provide opportunities for international collaboration on issues like economic stability.
On the sidelines of APEC, discussions about the Indo-Pacific Economic Framework for Prosperity (IPEF) highlighted challenges in pushing forward the trade pillar, with ongoing political pressures in the US. However, PM Lee noted significant progress in the clean economy and fair economy pillars of IPEF, with a key supply chain resilience agreement signed. These discussions are seen as creating valuable opportunities for Singapore, particularly in the hydrogen economy and promoting anti-corruption measures.
PM Lee emphasized that Singapore remains committed to multilateralism and cooperation, particularly in climate change, the digital economy, and securing supply chains. He expressed optimism about the potential benefits from collaboration with other countries and highlighted the importance of creating a business-friendly environment in Singapore to attract international companies and stimulate the local economy.
The prime minister also recognized the growing presence of Singaporeans in the US, contributing to both local startups and international business partnerships. Through these global ventures, Singapore continues to expand its global influence while fostering opportunities for its people.
