Singapore PM says strong rules-based global trading system still best
26/8/2008 17:12
A strong rules-based global trading system is still the best recipe for
continued growth and prosperity for all economies, said Singapore's Prime
Minister Lee Hsien Loong in Singapore today.
Speaking at the opening of the
annual meeting of economic ministers from the Association of Southeast Asian
Nations (ASEAN), he mentioned last month's impasse in the Doha Round in
Geneva.
"This gathering takes place during a testing period for the
international trading system. Despite seven years of hard negotiations which
brought us close to the finishing line, the Doha Round faltered at a crucial
point," the prime minister said.
Addressing trade ministers from 10 member
countries and six other dialogue partners including China, Japan and Australia,
Lee stressed that it was imperative to see beyond the recent difficulties and
continue to push for multilateral trade liberalization.
"Provided all our
economies work together, there is still a good chance to lock in what we have
achieved in the last seven years, and to reach new deals," he said.
He
warned, "We must also be watchful of any back-sliding, and resist the temptation
to raise trade barriers or resort to protectionist pressures and practices for
lack of an overall agreement."
He also called on ASEAN to continue to
integrate and liberalize its own economies.
"Our purpose is not to create a
trade bloc. We are committed to open regionalism and adopt an inclusive
approach," he said.
"But our actions would demonstrate the practical benefits
of economic openness and contribute in a modest way to maintaining the global
momentum for trade liberalization," he said.
At the week-long Singapore
meeting, the regional bloc is expected to announce the conclusion of talks on
free trade agreements (FTAs) with its dialogue partners India, Australia and New
Zealand.
ASEAN's members are Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar the Philippines, Singapore, Thailand and Vietnam.
Xinhua
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