PUBLISHED ONOctober 31, 2025 7:15 AMBYSean LerIn the face of global uncertainties and with multilateralism under pressure, the Asia-Pacific Economic Cooperation (Apec) grouping's mission to champion free and open trade and investments in the Asia-Pacific region "is now more important than ever," said Prime Minister Lawrence Wong on Friday (Oct 31).
He was speaking at the first session of the Apec economic leaders' meeting (AELM) being held in Gyeongju, South Korea.
The non-binding 21-member grouping accounts for 50 per cent of global trade and contributed 61 per cent of real gross domestic product in 2023.
Said PM Wong: "Apec can make a difference by embracing the spirit of cooperation, being pragmatic, and staying forward looking.
"Doing so will deliver tangible outcomes for our economies, while reinforcing the rules-based global order."
Turning to the importance of a rules-based multilateral system with the World Trade Organisation (WTO) at its centre, he said that while there are imperfections, the WTO should not be abandoned.
"Our response should not be to abandon it but to improve it, to reform the WTO so that it remains effective and relevant."
He suggested that the consensus decision-making principles of the WTO "has become a recipe for paralysis" and new mechanisms for outcome-oriented decision making are needed.
"But we should also embrace a flexible approach towards multilateralism so that likeminded countries that are ready can move first and respond to new and emerging issues, while others can join when they are ready," PM Wong added.
Noting that there are already comprehensive free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, he said "bridges" should be built between such cooperation across different trade groupings to "promote interoperability".
He pointed to sectoral agreements such as the Digital Economy Partnership Agreement and the Green Economy Partnership Agreement between Chile, New Zealand and Singapore as examples of how "gradual alignment" of standards and rules can be achieved in new and emerging areas.
To maintain relevance, PM Wong suggested that member economies should consider exploring projects with the private sector in areas such as trade facilitation.
"Simplifying and digitising trade processes can reduce business costs...We can transform Apec into a paperless trade region — driving efficiency while accelerating sustainability and integration," he said.
The AELM will continue into a second session on Nov 1.
PM Wong will then head to Seoul for a two-day official visit to South Korea at the invitation of South Korean President Lee Jae Myung.
[[nid:724622]]
