Apec summit shows nations can mitigate economic rifts: PM Wong

S'pore and other countries can find areas of cooperation, take action together

- Ng Wei Kai Correspondent

Chinese President Xi Jinping shaking hands with his South Korean counterpart Lee Jae Myung as Singapore Prime Minister Lawrence Wong and other member leaders look on after a group photo during the 2025 Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea, on Nov 1. Even as US and China's rivalry is likely to continue amid mutual suspicion and distrust, other economies still have the agency to push frontiers and harmonise standards, said PM Wong.

(REUTERS)

The trend towards more global economic fragmentation will most likely continue after a "temporary truce" between the US and China, but the rest of the world still has agency, said Prime Minister Lawrence Wong.

Singapore and other countries are not passive bystanders, he told the local media after the conclusion of the annual Asia-Pacific Economic Cooperation (Apec) summit on Nov 1.

Likening economic fragmentation to global warming, PM Wong said: "We know it's happening, but we can take actions to mitigate.

"And likewise, if countries are able to do more like what we did this time with the Apec summit and through other areas of cooperation, if we can all take action together, then we can do something about these structural trends."

PM Wong was commenting on the Oct 30 meeting between US President Donald Trump and Chinese President Xi Jinping on the sidelines of Apec which resulted in concessions from both sides on key trade issues such as rare earths and soya beans.

Describing it as a relief that the meeting took place, PM Wong said some much-needed and welcome guard rails have been placed around the relationship, providing some short-term predictability.

But the US and China's rivalry is likely to continue, and fundamental underlying issues have not been resolved, he said. Mutual suspicion, distrust and attempts to insulate themselves from each other will continue.