Sideline discussions likely to centre on ways to revive stalled Trans-Pacific Partnership deal

Prime Minister Lee Hsien Loong is making a three-day visit to Peru this week to attend the Asia-Pacific Economic Cooperation (Apec) meetings, including a weekend summit involving leaders of the grouping’s 21 Pacific Rim economies.

“Apec leaders will discuss the challenges to free trade and investment in the current global context, connectivity in the region as well as food security and environmental concerns,” said a statement by the Prime Minister’s Office (PMO).

Mr Lee will have bilateral meetings with other Apec leaders while in Peru, and will also attend the 2016 Apec CEO Summit on Friday.

The business event is organised by the Apec Business Advisory Council within the framework of Apec for Asia-Pacific business leaders to discuss important economic and business issues, said the PMO statement.

Mr Lee will participate in a panel discussion on the topic, The DNA of Global Growth.

This is the second time Peru has hosted the Apec summit. Its members account for around half of global trade. But proceedings this year may be overshadowed by discussions at the sidelines on how to revive the stalled Trans-Pacific Partnership (TPP) trade pact.

The TPP, which accounts for around 40 per cent of global economic output, is pending ratification by the 12 signatory countries.

President Barack Obama’s administration has suspended efforts to win congressional approval for the deal before President-elect Donald Trump takes office on Jan 20, saying over the weekend that the TPP’s fate was up to Mr Trump and Republican lawmakers.

Mr Trump has vowed to scrap the TPP on several occasions. He had also said he wanted to renegotiate the deal despite other world leaders warning that such a move would unravel the entire package.

The White House said Mr Obama will try to explain the situation to other leaders in Peru.

On Monday, Mr Lee said to the Singapore media, on the sidelines of his visit to Semarang, Indonesia, to attend a leaders’ retreat with President Joko Widodo, that he was disappointed the TPP would not be ratified before Mr Trump takes office in January.

He also expressed hope that more clarity on a resolution could emerge at the sidelines of the Apec meetings.

When asked if the terms of the TPP could be reviewed, Mr Lee noted that the agreement is an elaborate and carefully balanced deal that was a result of five to six years of negotiations. He said it is “not so easy to say we’ll change the terms”.

In the lead up to the Apec leaders’ meeting, Minister for Trade and Industry (Trade) Lim Hng Kiang and Senior Minister of State for Defence and Foreign Affairs, Dr Mohamad Maliki Osman, will participate in the 28th Apec Ministerial Meeting from Thursday to Friday in Peru, said the PMO statement.

Mr Lee will be accompanied by his wife, Madam Ho Ching, as well as senior officials from the Ministry of Foreign Affairs and the Ministry of Trade and Industry.

During his absence, Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean will be Acting Prime Minister.

Source:
courtesy of TODAY

by The Star Online

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