APEC to promote market opening at Summit, says PM Lee

Updated On: Nov 04, 2009

By Shamim Adam

Nov. 3 (Bloomberg) -- The Asia-Pacific Economic Cooperation will focus on “longer-term” issues such as promoting trade and market opening as the group’s members emerge from recession, Singapore Prime Minister Lee Hsien Loong said.

The 21-member grouping has a long-term vision of creating a free trade area in the Asia Pacific and will use existing trade accords as a springboard to achieving this goal, Lee said today. The Southeast Asian island will host the summit of APEC leaders Nov. 14 and Nov. 15.

“We will be discussing how to advance APEC’s core mission which is to advance free trade and open markets in the Asia- Pacific,” Lee, 57, told reporters in Singapore. “The idea is to consolidate a network of free trade agreements which have sprung up and to reduce the administrative complexities and overheads of businesses.”

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Source: Shamim Adam, "APEC to Promote Market Opening, Lee Says," Bloomberg, November 3, 2009, http://www.bloomberg.com/apps/news?pid=20601101&sid=aTAWeC2an7U4.

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