Singapore calls on APEC to push ahead with goal of free trade

Nov 10, 2009, 13:14 GMT

   Singapore - Singapore on Tuesday called on the 21 member economies of the Asia-Pacific Economic Forum (APEC) to push ahead with their ambitious goal of free trade in the region, as the forum could set the pace and the direction for the whole world.

   'What we really want is a free trade area in Asia-Pacific, but that will be very difficult to negotiate,' Singapore Foreign Minister George Yeo said at the sidelines of the APEC annual summit in the city state.

   'But let's keep pushing in that direction through bilateral and regional free trade agreements, creating a positive, competitive dynamic,' he said.

   Creating consensus was often excruciating difficult, Yeo added.

   'But 21 economies, meeting regularly, we can set the pace and the direction for the whole world,' he said.

   'We can do it whether it's for financial reform, whether it is for climate change, whether it is for the global trading agenda. It would help us 21 economies to create a much better world,' said Yeo.

   Yeo made his comments at a symposium to mark the 20th anniversary of APEC, which counts for about half of the global gross domestic product and brings together rich developed nations and countries where a large number of people still live in poverty.

   The Singapore summit is set to culminate when the leaders of the member economies - including US President Barack Obama - come together in the city state on Saturday and Sunday.

   APEC consists of 21 Pacific Rim economies: Australia, Brunei, Canada, Chile, China, Indonesia, Hong Kong, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, the Philippines, Singapore, South Korea, Taiwan, Thailand, Peru, Russia, the United States and Vietnam.