Singapore has officially offered to host the Asia-Pacific Economic Cooperation (APEC) Summit in 2030, Prime Minister Lawrence Wong announced at the conclusion of this year’s summit in Lima, Peru. This marks a significant step in Singapore’s commitment to fostering economic cooperation in the Asia-Pacific region.
“APEC is an essential platform for economic collaboration,” Mr. Wong said. “Its 21 member economies collectively account for nearly half of global trade. Singapore sees APEC not just as a vehicle for trade and investment but as an incubator for new ideas in areas like supply chains, the digital economy, and sustainability.”
The offer to host the APEC Summit underscores Singapore’s role as a key driver of regional economic integration and innovation. The last time Singapore hosted the APEC Summit was in 2009.
At the summit, Mr. Wong reflected on the global challenges shaping today’s economic landscape, highlighting growing geopolitical tensions and shifts in public attitudes toward globalization and free trade.
“There is widespread recognition that the world is at an inflexion point,” he said. “Geopolitical rivalries and tensions are increasingly framing economic decisions through a security lens rather than the lens of mutual economic benefit.”
He acknowledged that skepticism about globalization and free trade is on the rise, with many citizens feeling left behind by economic progress.
“In response, the APEC economies agree that the solution is not to retreat behind barriers,” Mr. Wong emphasized. “Instead, we must double down on trade and investment links, ensuring that these benefit all our peoples and fostering more inclusive growth.”
Mr. Wong highlighted Singapore’s proactive role in advancing key economic initiatives within APEC, often partnering with smaller, open economies such as New Zealand and Chile.
Singapore has been instrumental in pioneering trade frameworks like the P4 Agreement, which later expanded into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), involving 11 countries.
Building on this collaborative spirit, Singapore, Chile, and New Zealand launched the Digital Economy Partnership Agreement in 2020, which South Korea joined in 2024.
Most recently, the three nations formed a working group to develop trade frameworks for the green economy. “Our goal is to create rules and standards that enable cross-border collaboration in low-carbon solutions and green technologies,” said Mr. Wong. He expressed hope that this framework could evolve into a broader international initiative.
Addressing climate change was a central theme during the APEC discussions. Mr. Wong called for broad support for pricing carbon and phasing out fossil fuel subsidies while acknowledging the domestic and political challenges economies face.
“What’s important is a shared understanding of the ultimate goal,” he said. “Even if economies move at different paces, we can gather like-minded partners to take the lead.”
Singapore’s approach reflects its long-standing commitment to balancing ambition with pragmatism, ensuring that diverse economies can collectively make progress toward common objectives.
Another significant issue dominating the summit was the relationship between the United States and China. Mr. Wong expressed concern about the ongoing rivalry between the two superpowers, noting the suspicion and mistrust on both sides.
“The US views China’s rise as a challenge to its national interests, while China perceives America’s actions as an attempt to contain its growth,” he explained.
Despite these tensions, Mr. Wong acknowledged efforts by President Joe Biden and President Xi Jinping to maintain dialogue and establish guardrails to prevent the relationship from spiraling out of control.
“These leaders have managed to outline red lines and areas of cooperation, such as climate change,” he said. “We hope such engagement continues, even amid fierce competition, to reduce risks of misunderstanding and conflict.”
Looking ahead, Mr. Wong expressed hope that any changes in leadership, such as a potential new administration in the United States, would maintain these diplomatic safeguards.
“Singapore stands ready to facilitate dialogue and cooperation wherever possible,” he affirmed.
Singapore’s bid to host the 2030 APEC Summit reflects its enduring commitment to multilateralism and economic innovation. By hosting the event, the city-state aims to contribute to shaping the agenda for inclusive and sustainable growth in the Asia-Pacific region.
“Our goal is to ensure that trade and investment create tangible benefits for all, driving prosperity while addressing shared challenges such as climate change,” Mr. Wong said.
With its history of fostering regional and global cooperation, Singapore’s leadership in 2030 could mark a pivotal moment for APEC, reinforcing the importance of collaboration in an increasingly divided world.
