Chinaview.cn : Singapore embraces free trade to respond to the challenges of globalization, Minister for Trade and Industry Lim Hng Kiang said here Monday. Speaking at the opening of the first APEC (Asia-Pacific Economic Cooperation) Business Advisory Council Meeting of 2006, Lim said trade remains a cornerstone of the city state's economy with the total trade value reaching more than three times that of the gross domestic product (GDP).
"We pursue trade liberalization using a three-pronged approach. First, we actively engage in WTO (World Trade Organization) negotiations. Second, we participate in regional economic liberalization efforts such as those under the APEC forum. And lastly, we supplement these efforts through the pursuit of bilateral trade agreements," Lim noted.
He said that the ongoing multilateral WTO negotiations are Singapore's key priority because the city state "believes that the successful completion of the Doha Agenda would result in new development opportunities and bring immense benefits to all."
Lim added that Singapore is working with other members of the Association of Southeast Asian Nations (ASEAN) to accelerate regional integration in 11 priority sectors and to establish an ASEAN Economic Community of 550 million people by 2020. ASEAN groups 10 Southeast Asian nations including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Lim particularly mentioned the Trans-Pacific Strategic Economic Partnership Agreement among Singapore, Brunei, Chile and New Zealand concluded in June last year, saying that the agreement has an open accession clause to makes an APEC-wide free trade agreement possible.
So far, Singapore has concluded 10 bilateral free trade agreements with its major trading partners like the United States,Japan and South Korea, and is negotiating 11 more with countries such as Canada, Mexico and Qatar. Enditem
Copyright ©2003 Xinhua News Agency.
"We pursue trade liberalization using a three-pronged approach. First, we actively engage in WTO (World Trade Organization) negotiations. Second, we participate in regional economic liberalization efforts such as those under the APEC forum. And lastly, we supplement these efforts through the pursuit of bilateral trade agreements," Lim noted.
He said that the ongoing multilateral WTO negotiations are Singapore's key priority because the city state "believes that the successful completion of the Doha Agenda would result in new development opportunities and bring immense benefits to all."
Lim added that Singapore is working with other members of the Association of Southeast Asian Nations (ASEAN) to accelerate regional integration in 11 priority sectors and to establish an ASEAN Economic Community of 550 million people by 2020. ASEAN groups 10 Southeast Asian nations including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Lim particularly mentioned the Trans-Pacific Strategic Economic Partnership Agreement among Singapore, Brunei, Chile and New Zealand concluded in June last year, saying that the agreement has an open accession clause to makes an APEC-wide free trade agreement possible.
So far, Singapore has concluded 10 bilateral free trade agreements with its major trading partners like the United States,Japan and South Korea, and is negotiating 11 more with countries such as Canada, Mexico and Qatar. Enditem
Copyright ©2003 Xinhua News Agency.
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