Singapore offers to host Apec summit in 2030 to support inclusive growth

Singapore has officially offered to host the Asia-Pacific Economic Cooperation (Apec) summit in 2030, Prime Minister Lawrence Wong announced on 16 November.

Speaking to reporters at the conclusion of this year’s Apec summit in Lima, Peru, PM Wong emphasised the importance of Apec as a platform for international cooperation.

“We find Apec to be a very valuable platform, and we will do our part to support Apec in different ways, including the hosting of Apec summits,” he said.

The 21-member group includes major global powers such as the US, China, and Russia, collectively accounting for nearly half of global trade.

Singapore last hosted the Apec summit in 2009, allocating “just over S$100 million” for the year-long series of meetings. Among the notable expenses was a fleet of 295 BMW 7 and 5 Series cars, customised with “Apec Singapore 2009” licence plates, which were designated for VIP use.

Challenges in global trade and Apec’s response

According to the Straits Times, PM Wong expressed concern over the global decline in support for globalisation and free trade. Many economies feel the benefits of trade have not been equally distributed, and geopolitical tensions increasingly frame issues through a security perspective rather than cooperation.

However, he noted a collective rejection of protectionist responses among Apec economies.

“The right way to go about dealing with these concerns is to double down on our trade and investment links, make sure that trade works for the benefit of all our peoples, and find ways to make growth more inclusive,” he said.

The summit concluded with Apec leaders reaffirming their commitment to a rules-based multilateral trading system, with the World Trade Organisation at its core.

They also pledged to continue advancing economic integration in the Asia-Pacific and promoting an open, inclusive, and predictable trade environment.

Apec’s role in fostering innovation and sustainability

PM Wong highlighted Apec’s significance to Singapore beyond trade and investment, citing its role as an incubator for innovative solutions in supply chain management, the digital economy, and sustainability.

He pointed to the historical precedent of the P4 agreement between Brunei, Singapore, Chile, and New Zealand in 2005.

This agreement paved the way for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018, underscoring Apec’s role as a catalyst for broader international agreements.

Singapore is also collaborating with Chile and New Zealand on green economy trade. A joint working group is developing rules and standards for green solutions to facilitate cross-border trade in low-carbon activities.

“If we are able to put in place this framework, hopefully this can eventually grow into another international initiative,” PM Wong stated.

Navigating US-China relations

PM Wong expressed cautious optimism regarding US-China relations, highlighting recent efforts to establish “guard rails” to prevent escalation in areas of contention such as Taiwan and the South China Sea.

He noted that mutual understanding on these issues is essential to reducing the risk of conflict. Both countries have also cooperated on shared interests like climate change.

Looking ahead, PM Wong expressed hope that China could establish similar mechanisms with the incoming US administration, fostering stable engagement despite their competitive relationship. “To the extent that Singapore can help, we will certainly do our part to facilitate,” he added.

Participation in the G-20 summit

Following the Apec summit, PM Wong will attend the G-20 summit in Rio de Janeiro, Brazil, from 17 to 20 November.

Discussions are expected to focus on political divisions stemming from conflicts in the Middle East and Ukraine, alongside topics such as combating global hunger and reforming international institutions like the United Nations and the World Bank.