[SAN FRANCISCO] Trade and foreign ministers from the Asia Pacific Economic Cooperation’s (Apec) member economies have agreed to work on three priority areas: interconnectivity, innovation and inclusivity.

This followed two days of discussions at the 34th Apec Ministerial Meeting in San Francisco on Tuesday (Nov 14) and Wednesday, chaired by US Secretary of State Antony Blinken and US Trade Representative Ambassador Katherine Tai.

Representing Singapore, Minister for Trade and Industry Gan Kim Yong said the region has benefited from the rules-based multilateral trading system.

This has contributed to the predictability and stability of global trade, as well as Singapore’s position as a trusted and well-connected location for businesses, he said at the end of the meeting.

“It is critical for Apec economies to work together to address emerging global trade challenges,” he said. “Singapore will do our part by advancing cooperation with our trading partners in the green and digital economies. We will continue to empower our people to have the necessary skills to thrive in these new domains.”

Singapore’s Ministry of Trade and Industry (MTI) noted that the Apec ministers agreed to create a fair, open, and inclusive trade and investment environment in the Asia-Pacific; building a climate-resilient global economy; and advancing the digital economy.

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They also highlighted their commitment to improve opportunities for micro, small and medium-sized enterprises to tap global value chains. 

Multilateralism and free trade have come under threat in recent years, amid rising global geopolitical tensions that have prompted greater concern over national security and spurred protectionist tendencies.

At the opening session, Blinken laid out the three priorities.

He noted that building greater supply-chain resilience would help to improve interconnectedness. Innovation, he said, would help solve tough challenges, whether in facilitating a just-energy transition or shaping a digital economy that uplifts workers and businesses.

Strengthening inclusivity, meanwhile, would unleash people’s potential, Blinken added, whether it is in creating more opportunities for women in the fields of science and technology, giving indigenous entrepreneurs greater access to capital, or exploring low-Earth satellite systems to expand connectivity in remote and rural areas.

While in San Francisco, Gan also participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting.

The IPEF’s 14 members are Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, the US and Vietnam. All but India and Fiji are also members of Apec.

The ministers signed the IPEF supply chain agreement that was concluded in May this year, which paves the way for each member to get the agreement ratified to bring it into force.

The ministers also welcomed the conclusion of negotiations on the IPEF’s clean economy agreement and the fair economy agreement, said MTI in a release on Thursday.

Separately, Prime Minister Lee Hsien Loong, who is on a six-day working visit to the US, had a slew of meetings with various officials and business leaders ahead of a welcome reception for Apec leaders, ministers and chief executive officers.

On Wednesday, he attended a dialogue hosted by the Council on Foreign Relations that was moderated by former US secretary of state Condoleezza Rice.

PM Lee also met California Governor Gavin Newsom, and both leaders reaffirmed the strong economic ties between Singapore and California. Singapore’s Prime Minister Office (PMO) said they had a “good discussion on climate change and tackling the global climate crisis”.

PM Lee then had a business roundtable with American business leaders. PMO said the roundtable participants had a good exchange on how the global operating environment is shaping their international business strategies as they pursue growth.

The business leaders also recognised that Singapore remains a valuable partner for their companies, and that they generate significant benefits for Singaporeans and Singapore businesses, PMO added.