Update trade rules, reform WTO, says PM Lee at Apec leaders' retreat

Trade rules need to keep pace with new digital opportunities and the World Trade Organisation's (WTO) derailed dispute settlement mechanism needs to be revived, Prime Minister Lee Hsien Loong said on the closing day of the Asia-Pacific Economic Cooperation (Apec) summit on Nov 17.

- Bhagyashree Garekar

He was speaking at a session on "interconnectedness and building inclusive and resilient economies" at the Apec Economic Leaders' Retreat.

"As a small and open economy, to Singapore, the rules-based multilateral system is our best hope for a stable international environment," PM Lee said.

"That's why Singapore supports IMF and WTO reforms," he said, calling international organisations, such as the International Monetary Fund (IMF) and the WTO, the "indispensable guarantors" of common growth.

In February 2024, ministers from 164 WTO member nations will meet in Abu Dhabi to consider restoring the body's ability to settle trade disputes.

The WTO's dispute settlement system meant to prevent recourse to tariffs and retaliation outside norms agreed international has been stymied since the Trump administration decided to block the appointment of new judges to the Appellate Body, alleging judicial overreach.