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A New
Growth Paradigm For a
Connected Asia-Pacific in the 21st Century
Remarks by Prime Minister Lee
Hsien Loong
We, the Leaders of
APEC, gathered in Singapore
to chart a new growth paradigm for the Asia-Pacific region.
The global economy
has begun to recover, with the Asia-Pacific region taking the lead. But we
cannot go back to “growth as usual”.
We need a new
growth strategy – one that meets the needs of the 21st century global economy.
We will pursue
growth which is balanced, inclusive, and sustainable, to ensure a durable
recovery that will create jobs and benefit our people.
We endorse the
goals of the G20 Framework for Strong, Sustainable and Balanced Growth.
To achieve balanced
growth, we will implement structural reforms to gradually unwind global
imbalances and raise the potential output of our economies.
To achieve inclusive
growth, we will broaden our people’s access to economic opportunities and build
their resilience against economic shocks.
To achieve sustainable
growth, we will work towards an ambitious outcome in Copenhagen and ensure that efforts to
mitigate climate change are consistent with our international trade
obligations.
We also need an
enhanced model for regional economic integration – one that meets the needs of
our businesses and keeps up with new trends in cross-border trade and
investment.
We will take a
comprehensive approach to economic integration that will combine trade
liberalisation “at the border”, improving the business environment “behind the
border”, and enhancing supply chain connectivity “across the border”.
We will seek to
conclude the Doha Round in 2010 and reject all forms of protectionism.
Free trade and
open markets are key for the continued prosperity of the Asia-Pacific
economies. APEC remains unwavering in
its resolve to achieve the Bogor Goals of free and open trade and investment.
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