Round up of APEC Ministerial Meetings
APEC Ministers have called for an ambitious conclusion to the Doha Round next year.
The call comes after two days of discussions at the APEC Ministerial Meetings in Singapore.
Claire Huang filed this report from Suntec City where the meetings are being held.
APEC ministers say recent political commitments must translate into tangible progress in negotiations.
Besides agreeing to band together to ensure that global economic
recovery doesn’t stall, the ministers also pledged to lay the
foundation for a balanced, inclusive and sustainable growth.
But in doing so, they acknowledged the need to stay vigilant against all forms of protectionism.
Singapore’s Foreign Minister George Yeo explains.
"From here the discussion will carry on into Canada, then to Korea, and
back to Japan when it hosts the next APEC meeting. During this period,
countries reacting to domestic politics can turn protectionistic and
there is creeping protectionism, which, if we’re not careful, can put
us on a slippery slope. So all countries are now saying “look, we must
fight protectionism, resist it, keep the momentum on Doha, keep the
momentum on regional free trade agreements, which are being worked
upon”.
Another area that gained a lot of interest is how APEC economies can accelerate regional economic integration.
One target is to make it easier for business to be done at borders as well as behind and across borders.
Minister for Trade and Industry Lim Hng Kiang elaborates.
"We were able to come up with very specific targets, 25 per cent
reduction in the way we measure the ease of doing business and that
translates into costs, the number of days, the number of steps. It’s
something that’s very concrete, very clear targets over next few years."
APEC Ministers also say they will explore the building blocks towards a possible Free Trade Area of the Asia-Pacific.
Still, there are some concerns that the Bogor Goals to achieve free and
open trade by 2010 might be difficult to achieve, if there's no
breakthrough at the Doha Round.
Foreign Minister George Yeo has this to say.
"We’ve set the free trade area of the Asia-Pacific as a long-term goal
for all of us to achieve. How to get there? By what pathways? Various
possibilities are being explored. FDA, regional FDA, trans-pacific
FDAs, and I thought we had lively discussions. No decisions of course,
because APEC is a non-forcing organization, but the dynamics of
globalization and the competitive liberalization are like water flowing
to the sea, gradually taking us there. And if we look back in 1994,
when Bogor goals were first enunciated and where we are today, I would
say we’ve made considerable achievements."
The proposals from the Singapore meeting is expected to be taken further when the ministers meet in Japan next year.
--938Live
Originally posted by sand king:I wanna shake hands with Obama!
here's my contribution - hillary clinton sat in starbucks in suntec!
APEC's role to become more important post-crisis, says PM Lee
SINGAPORE: The Asia-Pacific Economic Cooperation or APEC's role in promoting free trade will become more important post-financial crisis as the Asia Pacific is set to drive global growth, said Singapore's Prime Minister Lee Hsien Loong on Friday.
Speaking at the APEC CEO Summit in Singapore, Mr Lee said while
leaders are confident that the worst of the crisis is over, how quickly
economies recover will depend on government measures in the next few
months.
At the opening of the summit, Mr Lee noted that much has been
achieved over the past 20 years for APEC member economies. There are
now 40 free trade areas within APEC.
"In some member economies, there has been an astonishing rise in
prosperity in 20 years, more than doubling or tripling of their per
capita GDPs. These are all clear evidence of free trade and
globalisation," he said.
Asia, the IMF predicts, will lead the global recovery. It has
estimated that Asia will grow by 6 per cent and the G3 economies by 1.2
per cent next year.
Mr Lee said Asia can expect high growth if members avoid taking protectionist measures and keep their markets open.
"We worry that high unemployment may weigh down on incomes and
consumption. We know that economies have to build up their long-term
capabilities and upgrade the skills of their workforce because that's
the only sustainable way to keep growing, keep improving standards of
living, not only for a small elite but for a broad segment of
population in all our countries," he said.
One initiative that can help is to build on the idea of a free
trade area of the Asia Pacific, and Mr Lee believes economies can work
towards this vision by pushing ahead with the Trans-Pacific
Partnership, which currently brings together Brunei, Chile, New Zealand
and Singapore.
Four more economies – the United States, Australia, Peru and Vietnam – have expressed their interest to join this partnership.
As for the health of the global economy, Mr Lee said there is a
clear but modest recovery, though he cautioned that risks remain,
particularly in the monetary and financial system. He said economies
have to gradually unwind stimulus and financial measures.
He said: "The more difficult part is the monetary part and the
financial system part. The monetary part because if you withdraw the
monetary stimulus too late, you risk inflating a bubble... But in Asia,
we have seen stock markets go up, we have seen property markets go up,
and it is connected to the global monetary conditions.
"We have to manage with it now and live with the difficulty, but if
it becomes a significant and widespread bubble because we defer the
monetary tightening for too long, you will have a serious problem.
"One of the things governments did last year was to guarantee bank
liabilities... given what was happening around the world, if we didn't
act, we were going to have a problem in Singapore because at a click of
a mouse, several hundred million dollars can travel from point A to
point B, and some banking system would find itself under great stress.
"But how to withdraw that in a coordinated way so that in the
process of withdrawing it, we don't have deposits and assets slushing
around from country to country and destabilising the system?"
Mr Lee told his audience of international leaders that the process
was going to be a very delicate exercise which governments would have
to discuss over the next year.
More than 1,500 corporate chiefs are attending the two-day APEC CEO Summit.
- CNA/so
APEC leaders' photo-taking session changed to final day of summit
SINGAPORE: The much-awaited photo-taking session for Asia-Pacific Economic Cooperation (APEC) leaders will now take place on the final day of the meeting in Singapore.
Responding to media queries, the APEC Organising Committee says
US President Barrack Obama will arrive in Singapore late Saturday
evening and will not be able to attend the Singapore Evening at the
Esplanade.
He will, however, attend the leaders' retreat on Sunday.
With this change, the leaders' photo-taking session will now take
place on Sunday and the leaders will be in their business suits.
However, as planned earlier, the leaders will be requested to wear
the customary leaders' attire, which has been specially designed for
them, during the Singapore Evening.
- CNA/so
APEC economies' leaders and delegates treated to a special evening thats uniquely Singapore
APEC economies' leaders and delegates took time off from meetings to see what multi-cultural Singapore has to offer.
Our news team takes a look at what they were treated to.
It was an evening that showcased Singapore's creative talents and unique culture.
Themed "Our World, One World", the Singapore Evening's key highlight was a half-hour musical and multimedia extravaganza.
An important element in the show - water, as it connects the APEC economies.
Singapore's vibrant multi-cultural heritage also came to life in a refreshing way.
The show's creative director, Dick Lee, elaborates.
"I want to show, portray our culture in kind of a true and new way
which is to show our diverse culture that our multi-racial nation in a
very contemporary setting."
Lending their voices to the performance were homegrown talents like
Taufik Batisah, Vanessa Fernandez, Julia Abueva and Hady Mirza.
The other singers are Elemay Fernandez and Michaela Therese. Dancers
from the People's Association and singers from Kids Performing also
took part in the extravaganza.
Hady on what he saw unique about the show.
"Although the songs are all the same, but they are arranged in such a
way that it shows the Malay side of the song and it goes the same for
the Chinese which George is doing."
Homegrown artist George Chan, who also sang, said the audience were kept at the edge of their seats.
"It is just the pace of the show, it is very well put together,
especially the pace of the show, quick pace of the show, it is almost
like passing the baton from one to the next."
The show built up to a colourful finale led by local songbird Kit Chan.
APEC leaders also enjoyed a fusion of Western and local culinary delights at the waterfront area --
while delegates indulged in a buffet style dinner and learnt more about
Singapore's multi-racial culture through activities at the various
themed pavillions.
Some 350 performers entertained the delegates with ethnic performances throughout the evening.
--938Live
US, Vietnam throw support behind Trans-Pacific Partnership
SINGAPORE: Two APEC economies - the US and Vietnam - have committed to work towards a Trans-Pacific Partnership (TPP) goal.
This came a day after Singapore Prime
Minister Lee Hsien Loong revealed at the APEC CEO Summit on Friday that
four more economies have expressed interest to join the TPP - a free
trade agreement between Singapore, Brunei, New Zealand and Chile.
Besides the US and Vietnam, the other two economies considering signing up are Australia and Peru.
Leaders who spoke on Saturday, the final day of the two-day CEO
Summit in Singapore, also touched on the various regional architecture
in Asia Pacific, with calls not to shut out new ideas like the East
Asia or Asia Pacific communities.
US President Barack Obama was not around at the APEC CEO Summit to
give his keynote address on Saturday. But his message of deepening
cooperation with the region was delivered both by him in Japan and Ron
Kirk, his trade representative in Singapore.
Mr Kirk said: "Our engagement in the Trans-Pacific Partnership
gives us the opportunity to address gaps in our current agreements, and
to set the standard for 21st-century trade agreements going forward.
"To fulfil the full promise of APEC, we must look not only at what
we can do for ourselves in the region but also at how we can work
together to demonstrate leadership on trade for the entire world."
Besides trade and integration, climate change and demographic challenges are also critical issues facing the APEC economies.
Dr Vivian Balakrishnan, Singapore's Community Development, Youth
& Sports Minister, said: "If you look at the Asia Pacific
economies, over the next 20 years, the most obvious transition is going
to be the fact that we are going to become an aged economy.
"So, even as we talk about sustained, balanced economic
development, I think it is important to take into account the needs for
balance in our economic systems to deal with the demographic
imbalances."
A key message that has come across from the APEC CEO Summit is the
important role that both the private and people sectors can play
together with the governments in dealing with the whole range of
challenges which the region will face after the financial crisis.
Some leaders hope APEC can go beyond just discussions on economic
issues. That's why Australia is initiating an Asia Pacific community by
2020 - an idea which Thailand supports.
Thai Prime Minister Abhisit Vejjajiva said: "We have to be clear,
we have to have that common vision of integration. As to how we get
there and when we get there, there are so many alternatives."
And that task now lies with Japan, the next APEC Chair.
APEC must build on the initiatives in the Leaders Declaration on
Sunday to ensure member economies stay on course in their goals of
integration and recovery.
- CNA/ir
George Yeo & Hillary Clinton discuss global & regional issues
SINGAPORE: Singapore Foreign Minister George Yeo met US Secretary
of State Hillary Clinton on Saturday morning, and exchanged views on
global and regional issues.
Mrs Clinton, who is here for the Asia-Pacific Economic Cooperation
(APEC) meeting, also touched on APEC's role in the Asia Pacific region,
the G20 and ASEAN.
Mr Yeo congratulated Mrs Clinton on the US Administration's efforts to
engage the region, including the opportunity for leaders to meet at the
inaugural ASEAN-US Leaders Meeting on Sunday.
- CNA /yb
Singapore welcomes US's decision to engage TPP
SINGAPORE : Singapore has welcomed the decision by the US to engage the Trans-Pacific Strategic Economic Partnership Agreement (TPP) partners.
A statement by the Ministry of Trade and Industry Ministry said
with this commitment, the TPP now has the potential to expand to an
eight-member grouping with Australia, Peru, US and Vietnam joining the
original four members of Brunei, Chile, New Zealand and Singapore.
It added that the TPP is a potential building block for a larger free trade area of the Asia Pacific.
Singapore's Trade and Industry Minister Lim Hng Kiang said that the US
announcement sends a strong message of US economic engagement with the
Asia Pacific region.
The TPP is currently the only regional free trade agreement that spans
both sides of the Pacific, linking Asia with the Americas.
Earlier Saturday, the US announced that it's committed to engage the TPP partners.
Addressing the APEC CEO summit, US Trade Representative Ron Kirk said
continued integration of the economies in this region would benefit
workers, consumers, and businesses in other parts of the world.
As such President Barrack Obama earlier announced in Tokyo on Saturday that the US will engage with the TPP.
Mr Kirk added that this would be done in close consultation with the US Congress and with stakeholders back in the US.
And he believes that further engagement in the TPP would give
participating economies the opportunity to address gaps in its current
agreements, and to set the standard for 21st-century trade agreements
going forward.
A high-standard regional trade agreement under the TPP, said Mr Kirk,
could help bring to the American people the jobs and economic
prosperity that come with trade.
Mr Kirk was speaking in place of President Obama at the CEO Summit on Saturday morning.
- CNA /ls
World Bank impressed with ABAC meetings says PM Lee
Singapore Prime Minister Lee Hsien Loong says the meetings by the APEC Business Advisory Council or ABAC have been productive.
He congratulated the council on a job well done, during a tea reception for the group at the Istana.
"Mr Robert Zoellick, the president of the World Bank, who was here for
your discussions told me he was impressed with what he heard was
discussed at APEC and ABAC, because the forums were not distracted by
debate on populist or inconsequential issues. Instead the participants
looked to the future and focussed on policies to create sustained
growth. He was cheered by our progressive outlook and indeed we have
reason to be confident we are on the right path."
--938Live
PM Lee & President Obama reaffirm excellent ties in a bilateral meeting
Visiting US President Barack Obama met Singapore Prime Minister Lee
Hsien Loong this morning on the sidelines of the APEC meeting.
This is the first meeting between both leaders since Mr Obama's inauguration early this year.
Mr Obama arrived at just past 9 Sunday morning at the Istana, which is the official residence of the Singapore President.
The meeting, which lasted about half an hour, saw both Mr Lee and Mr
Obama touch on wide ranging issues, including the health of the global
economy, regional developments, and the role of APEC, ASEAN and the
G-20.
The two leaders also reaffirmed the excellent bilateral relations
between Singapore and the US and stressed the importance of maintaining
an open and inclusive regional architecture.
Mr Lee welcomed the US' engagement with the region, as well as Mr
Obama's recent announcement that the US would engage members of the
Trans-Pacific Partnership Agreement.
The agreement is a trade pact involving Brunei, Chile, New Zealand and Singapore.
It's hoped that the partnership would be a building block to achieve a
larger free trade agreement encompassing the Asia-Pacific.
--938Live
APEC rejects protectionism, pledges new growth model
SINGAPORE - APEC leaders including the US and Chinese presidents Sunday vowed to reject trade protectionism and to pursue a new strategy for growth after the world's worst economic crisis in decades.
Asia-Pacific Economic Cooperation (APEC) forum leaders, who together steer more than half the global economy, also said they would persist with hefty stimulus spending "until a durable economic recovery has clearly taken hold".
US President Barack Obama pressed Asian leaders at the weekend summit in Singapore to retool their export-led economies and rebalance world growth, or risk a "drift from crisis to crisis".
But Obama was subject to much criticism in Singapore over his
perceived neglect of free trade, with Congress and powerful Democratic
barons in the trade union movement clamouring to protect US industry as
joblessness soars.
In a concluding declaration, the leaders said: "We firmly reject
all forms of protectionism and reaffirm our commitment to keep markets
open and refrain from raising new barriers to investment or to trade in
goods and services."
"We cannot go back to 'growth as usual'," they added. "We need a
new growth paradigm. We need a fresh model of economic integration."
"We will pursue growth which is balanced, inclusive and
sustainable, supported by innovation and a knowledge-based economy, to
ensure a durable recovery that will create jobs and benefit our
people."
The summit's chairman, Singapore Prime Minister Lee Hsien Loong,
said: "To achieve balanced growth, we will implement structural reforms
to gradually unwind global imbalances and raise the total output of our
economies.
"To achieve inclusive growth, we will broaden our people's access to
economic opportunities and build their resilience against economic
shocks."
He explained that "sustainable" growth means working for an "ambitious outcome" at Copenhagen climate talks next month.
But a hastily-convened climate discussion in Singapore among key leaders --
including Obama and Chinese President Hu Jintao, representing the world's two
biggest emitters of greenhouse gases -- failed to yield any breakthrough.
If thin on specifics, the APEC declaration was a nod to Obama's
demand that US consumers must no longer bear the brunt of stoking world
demand, and that Asians must start to spend and not hoard their export
earnings.
The president noted that voracious US demand had for decades
fuelled the growth of regional economies. But when crisis struck last
year, the "demand for Asian goods plummeted" and the global recession
deepened.
"We cannot follow the same policies that led to such imbalanced
growth," Obama said in summit remarks released by the White House,
highlighting the sky-high deficits run up by the United States during
the boom years.
"If we do, we will continue to drift from crisis to crisis, a
failed path that has already had devastating consequences for our
citizens, our businesses, and our governments," he said.
In one development welcomed by APEC allies, Obama said the United
States was interested in a trade pact that leaders say could become the
nucleus for a massive trans-Pacific free-trade zone covering 2.6
billion people.
The leaders instructed their officials to start exploratory work on
the so-called Free Trade Area of the Asia Pacific, although analysts
warn that the giant undertaking is years if not decades from fruition.
More immediately, the heads of government pledged to try to
conclude the World Trade Organization's stalled Doha round of
negotiations next year.
At the Singapore meetings, President Hu has played up China's role
in shoring up world growth after the crisis engulfed the United States,
and vowed to "vigorously expand" its domestic market.
However, criticism that China keeps an artificial lid on its
currency to gain an unfair trade edge flared anew at APEC. Obama is
expected to press Hu on the exchange-rate row when the two leaders meet
in Beijing next week.
- AFP/ir
APEC delegates applaud fuss-free security
SINGAPORE: Security at this year's APEC meetings went smoothly, compared to the International Monetary Fund and World Bank meetings in 2006.
No arrests were made, and delegates whom MediaCorp spoke to gave
the thumbs-up to the fuss-free security at the meeting sites such as
Suntec Singapore, Shangri-la Hotel and Istana.
"Some were even quite helpful in providing directions," said Russia's Elena Glusholana.
Still, the police issued move-on orders last Saturday against three
Falungong members clad in yellow Falungong T-shirts for "behaving
suspiciously and loitering without valid reasons".
The incidents took place near the Istana where the APEC leaders
retreat was being held, and next to the dedicated APEC traffic lane
near to Orchard MRT Station, a police spokesman told MediaCorp.
"When asked by the police on why they were there, they were evasive and unable to provide satisfactory reasons," he added.
"The police issued them with move-on orders which they complied with and no arrests were made."
- TODAY/so