Minister Grace Fu participated in the APEC Ministers Responsible for Trade Meeting in Peru, focusing on WTO contributions, regional economic integration, and digital trade facilitation.

Minister-in-charge of Trade Relations, Grace Fu, represented Singapore at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Arequipa, Peru, on May 17-18, 2024. The meeting, chaired by Peru’s Minister of Foreign Trade and Tourism, Elizabeth Galdo, included trade ministers and senior officials from 21 APEC economies. This year’s APEC theme, “Empower. Include. Grow.,” guided the discussions.

During the meeting, Minister Fu proposed three key contributions for APEC to support the World Trade Organization (WTO). She emphasized the need to restore a fully functioning Dispute Settlement System, find a permanent solution for the Moratorium on Customs Duties on Electronic Transmissions, and promote flexible multilateralism to address contemporary issues.

Minister Fu also highlighted the importance of deepening regional economic integration through the Free Trade Area of the Asia-Pacific (FTAAP) agenda. She reiterated Singapore’s commitment to digital trade facilitation, inclusive trade, and women’s economic empowerment, noting Singapore’s expanding network of Digital Economy Agreements that support safe cross-border data flows and innovation in emerging digital technologies.

On the sidelines, Minister Fu held bilateral meetings with representatives from Brunei, China, Hong Kong, Japan, and Peru. She also participated in meetings with members of the Digital Economy Partnership Agreement (DEPA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The APEC MRT meeting underscored the collective commitment to the APEC Putrajaya Vision 2040, aiming to create an open, dynamic, resilient, and peaceful Asia-Pacific community. Discussions also focused on advancing the Bangkok Goals on Bio-Circular-Green Economy and integrating inclusivity and sustainability into trade policies, as endorsed by the San Francisco Principles.

APEC economies committed to keeping markets open and fostering fair competition, recognizing the challenges posed by global economic conditions, supply chain disruptions, and environmental issues. The meeting highlighted the need for collaboration in promoting digital trade, environmental sustainability, and inclusive growth.

Source – MTI