COMPETITION SHARPENS SINGAPORE’S CAPABILITIES
It is in such an environment where trade barriers are put up in the name of security that APEC leaders are meeting, said Mr Wong.
“Understandably, there are different views across APEC economies around trade, but it is still very good that in this APEC meeting, we were able to achieve a consensus,” he said, underscoring that APEC leaders are “generally still pro-trade” in spite of the caveats on security.
“This is important for Singapore, because we are such a trade-reliant and trade-dependent economy. Trade is not just good to have for us. Trade is our lifeblood, trade is existential for us,” said Mr Wong.
This is why Singapore must continue to support the liberalisation of trade, added the prime minister.
To this end, Singapore has continued to push for reforms to the World Trade Organization, while bringing regional groupings together, such as through trade pacts and free trade agreements.
He highlighted the launch of the Green Economy Partnership Agreement (GEPA) negotiations with New Zealand and Chile during the APEC summit and past deals struck with other countries in the digital economy.
Among other things, these agreements would facilitate trade and investment flows, as well as harmonise standards and cut the red tape for businesses to interoperate in different economies, he said.
Asked how such deals could benefit Singaporeans, Mr Wong said it boils down to the tangible benefits brought about by trade – more trade and investment leads to better jobs for Singaporeans.
“Trade also has a lot of intangible benefits. When we trade with one another, it leads to more competition,” said Mr Wong.
“But the competition sharpens our capabilities. There’s an exchange of ideas – we learn from one another, and we all get better along the way.”
AI COOPERATION
Earlier on Saturday, Mr Wong spoke to APEC leaders on the importance for the bloc to cooperate on artificial intelligence.
Singapore is a small, compact, digitally connected city-state that cannot develop the best AI foundation models, he said during a session at the APEC Economic Leaders’ Meeting.
“We can make use of them to develop and create applications with the biggest impact, in areas like finance, logistics, healthcare and advanced manufacturing, but we can’t do this work alone,” he said.
“We are very keen to cooperate and exchange best practices with other APEC economies,” the prime minister added, noting that APEC members have AI expertise and experience.
After leaving Gyeongju, Mr Wong will be making an official visit to Seoul at the invitation of South Korean President Lee Jae Myung.
