Trade and foreign ministers from the Asia-Pacific Economic Cooperation (APEC) member economies have agreed to focus on three key areas: interconnectivity, innovation, and inclusivity. This consensus emerged after two days of discussions during the 34th APEC Ministerial Meeting in San Francisco, chaired by U.S. Secretary of State Antony Blinken and U.S. Trade Representative Ambassador Katherine Tai.

Representing Singapore, Minister for Trade and Industry Gan Kim Yong emphasized the benefits of a rules-based multilateral trading system, which has enhanced global trade stability and positioned Singapore as a reliable hub for businesses. He asserted the importance of APEC economies collaborating to tackle emerging global trade challenges, highlighting Singapore’s commitment to fostering cooperation in the green and digital economies while equipping citizens with the skills needed for success in these sectors.

The APEC ministers also agreed on the necessity of creating a fair, open, and inclusive trade and investment environment throughout the Asia-Pacific region. This includes building a climate-resilient global economy and promoting the digital economy. Additionally, there was a consensus on enhancing opportunities for micro, small, and medium-sized enterprises to engage in global value chains.

As multilateralism and free trade face challenges amid geopolitical tensions and rising protectionism, Secretary Blinken outlined the three primary priorities at the opening session. He stressed that strengthening supply chain resilience would enhance interconnectivity, while innovation is vital for addressing complex issues such as energy transitions and digital economy development. Inclusivity, according to Blinken, will unlock individuals’ potential, particularly in expanding opportunities for women in science and technology, supporting indigenous entrepreneurs, and improving connectivity in remote areas.

During his time in San Francisco, Gan also attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting, where ministers signed the supply chain agreement concluded in May. They welcomed the finalization of negotiations on the IPEF’s clean economy and fair economy agreements.

Separately, Singapore’s Prime Minister Lee Hsien Loong engaged in meetings with various officials and business leaders during his six-day working visit to the U.S. Notably, he participated in a dialogue hosted by the Council on Foreign Relations and met with California Governor Gavin Newsom to discuss climate change and economic collaboration. At a business roundtable, U.S. business leaders recognized Singapore as a key partner, contributing significantly to both local and international business growth.