Jeffrey Siow advocates for APEC and existing trade deals

Singapore Second Minister for Finance Jeffrey Siow stated at the APEC finance ministers’ meeting in Hong Kong that while new free trade agreements (FTAs) may no longer be trending, economic openness should be maintained through existing forums and platforms.

Siow noted that strategic competition is increasingly leading nations to implement trade restrictions and industrial subsidies to protect critical sectors and secure supply chains. To counter this, he suggested building upon established regional agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

He also emphasized that like-minded countries can advance specific interests through plurilateral arrangements involving smaller groups of nations.