COMPETITION SHARPENS SINGAPORE’S CAPABILITIES
It’s in such an surroundings the place commerce obstacles are put up within the identify of safety that APEC leaders are assembly, stated Mr Wong.
“Understandably, there are completely different views throughout APEC economies round commerce, however it’s nonetheless excellent that on this APEC assembly, we had been in a position to obtain a consensus,” he stated, underscoring that APEC leaders are “generally still pro-trade” despite the caveats on safety.
“That is essential for Singapore, as a result of we’re such a trade-reliant and trade-dependent economic system. Commerce isn’t just good to have for us. Commerce is our lifeblood, commerce is existential for us,” stated Mr Wong.
That is why Singapore should proceed to assist the liberalisation of commerce, added the prime minister.
To this finish, Singapore has continued to push for reforms to the World Trade Organization, whereas bringing regional groupings collectively, resembling by commerce pacts and free commerce agreements.
He highlighted the launch of the Green Economy Partnership Agreement (GEPA) negotiations with New Zealand and Chile through the APEC summit and previous offers struck with different nations within the digital economic system.
Amongst different issues, these agreements would facilitate commerce and funding flows, in addition to harmonise requirements and minimize the crimson tape for companies to interoperate in numerous economies, he stated.
Requested how such offers may gain advantage Singaporeans, Mr Wong stated it boils right down to the tangible advantages led to by commerce – extra commerce and funding results in higher jobs for Singaporeans.
“Commerce additionally has lots of intangible advantages. Once we commerce with each other, it results in extra competitors,” stated Mr Wong.
“However the competitors sharpens our capabilities. There’s an alternate of concepts – we study from each other, and all of us get higher alongside the best way.”
AI COOPERATION
Earlier on Saturday, Mr Wong spoke to APEC leaders on the significance for the bloc to cooperate on synthetic intelligence.
Singapore is a small, compact, digitally linked city-state that can’t develop one of the best AI basis fashions, he stated throughout a session on the APEC Financial Leaders’ Assembly.
“We are able to make use of them to develop and create purposes with the most important impression, in areas like finance, logistics, healthcare and superior manufacturing, however we will’t do that work alone,” he stated.
“We’re very eager to cooperate and alternate finest practices with different APEC economies,” the prime minister added, noting that APEC members have AI experience and expertise.
After leaving Gyeongju, Mr Wong might be making an official go to to Seoul on the invitation of South Korean President Lee Jae Myung.
