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November 10, 2009 21:47 PM

Singapore Hopes APEC Economies Commit To The Grouping Work

By Zakaria Abdul Wahab

SINGAPORE, Nov 10 (Bernama) -- Singapore hoped the Asia-Pacific Economic Cooperation (APEC) economies would commit themselves to cooperate with one another to sustain growth, to eschew protectionism, and to promote regional economic integration.

Prime Minister Lee Hsien Loong said the 20th APEC meeting that it was currently hosting would be a good time to re-energise the grouping and for its members to re-commit themselves to its work.

Speaking at the APEC Ministerial Meeting (AMM) welcoming reception here Tuesday night, Lee said this was important as it would ensure that APEC continued to take the lead in trade liberalisation and business facilitation.

It would also keep APEC relevant and enable it to adapt as the Apec community and the region continue to grow and to change, Lee added.

The prime minister said APEC had come a long way since its establishment 20 years ago and the Apec meeting in Singapore was another step forward in the long series and a gradual process in transforming the region.

He said the regular interactions between its members had brought APEC economies with diverse political, economic and cultural backgrounds together as one Trans-Pacific community.

He said the meeting here was taking place at a pivotal moment when the world economy was emerging from the global financial crisis, when the situation had stabilised but yet the economic outlook remained uncertain.

Lee said the APEC economies had still much to do to sustain the economic recovery and also to prepare for the post-crisis landscape.

Among those who attended the reception were foreign ministers, trade ministers, the finance deputies and other business delegates from the 21 APEC economies.

--BERNAMA

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