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SINGAPORE: Singapore Prime Minister Lee Hsien Loong has called on Asia Pacific Economic Cooperation (APEC) members to re-commit to their goals of sustaining growth, avoiding protectionism and promoting regional economic integration.
Mr Lee was speaking at the welcome reception for the APEC Ministerial Meeting at Suntec Singapore Convention Hall on Tuesday evening.
Besides the foreign ministers, trade ministers, finance deputies and other delegates, some special guests were also at the reception.
"We have some special guests with us, old friends who were involved in the formation and early development of APEC," said Prime Minister Lee. "For example, Mr Bob Hawke, who was prime minister when Australia convened the first APEC meeting in Canberra."
The special guests are in Singapore for a high-level symposium to commemorate the 20th anniversary of APEC.
Mr Lee noted that APEC was formed in 1989 amid concerns of rising protectionist sentiments. Twelve economies, including Singapore, Australia and the US, came together to give free trade a push.
Today, the grouping has grown to 21 members, and there is added resonance to that very same agenda, as economies prepare for a post-crisis landscape.
Prime Minister Lee said that the APEC meeting in Singapore takes place at a pivotal moment "when the world economy is emerging from the global financial crisis, when the situation has stabilised, yet the economic outlook remains uncertain, when much still needs to be done to sustain the economic recovery".
And as Mr Lee pointed out, this is a good time for APEC members to re-commit to their goals of free trade.
He said: "So, this 20th anniversary is a good time to re-energise APEC and re-commit ourselves to its work to ensure that APEC continues to take the lead in trade liberalisation and business facilitation, and continues to be relevant and to adapt as the APEC community in our region continues to grow and change."
There is a slew of challenges governments will have to face as economies deal with different stages of recovery.
Observers have said that the immediate issues include how governments want to exit from their various stimulus packages as well as growing unemployment as economies restructure.
These issues and more will form the basis of talks as APEC leaders meet at the end of the week.
- CNA/ir
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