A New Growth Paradigm For a Connected Asia-Pacific in the 21st Century

 Remarks by Prime Minister Lee Hsien Loong 

We, the Leaders of APEC, gathered in Singapore to chart a new growth paradigm for the Asia-Pacific region.

The global economy has begun to recover, with the Asia-Pacific region taking the lead. But we cannot go back to “growth as usual”. 

We need a new growth strategy – one that meets the needs of the 21st century global economy. 

We will pursue growth which is balanced, inclusive, and sustainable, to ensure a durable recovery that will create jobs and benefit our people. 

We endorse the goals of the G20 Framework for Strong, Sustainable and Balanced Growth. 

To achieve balanced growth, we will implement structural reforms to gradually unwind global imbalances and raise the potential output of our economies. 

To achieve inclusive growth, we will broaden our people’s access to economic opportunities and build their resilience against economic shocks.  

To achieve sustainable growth, we will work towards an ambitious outcome in Copenhagen and ensure that efforts to mitigate climate change are consistent with our international trade obligations. 

We also need an enhanced model for regional economic integration – one that meets the needs of our businesses and keeps up with new trends in cross-border trade and investment. 

We will take a comprehensive approach to economic integration that will combine trade liberalisation “at the border”, improving the business environment “behind the border”, and enhancing supply chain connectivity “across the border”. 

We will seek to conclude the Doha Round in 2010 and reject all forms of protectionism.  

Free trade and open markets are key for the continued prosperity of the Asia-Pacific economies.  APEC remains unwavering in its resolve to achieve the Bogor Goals of free and open trade and investment.

U.S. President Barack Obama steps off Air Force One upon his arrival at Singapore's Paya Lebar Air Base November 14, 2009 

Statement by

White House National Security Council spokesman Mike Hammer:

On November 15 President Obama met with Singapore Prime Minister Lee and discussed a range of bilateral and multilateral issues of mutual interest.

The President thanked the Prime Minister for the tremendous role Singapore played as chair of APEC this past year and as host for the first ever meeting United States - ASEAN leaders meeting.
With Singapore, the United States has developed an open and inclusive framework of cooperation on pressing issues, including regional security, economic recovery, and non-proliferation. The United States welcomes Singapore as a partner in building a more prosperous and secure region.

Singapore serves as a critical trading hub in the region, and we commend Singapore’s commitment to counterproliferation efforts. As the first country in the region to sign on to the Proliferation Security Initiative, Singapore is working to expand the reach and membership of this important tool to prevent the spread of weapons of mass destruction. In recognition of Singapore’s strategic role, President Obama has invited Prime Minister Lee to attend the Global Nuclear Summit in Washington next year, as part of an international effort to address this most immediate and extreme threat to global security.
In today's meeting, the President discussed the importance of the endorsement of the balanced, inclusive and sustainable growth goals of APEC, together with our commitment to regional economic integration and free trade. Singapore is a leader in all these areas. Each year U.S. companies invest tens of millions of dollars in Singapore, and in the five years since our FTA went into effect, trade between our countries has grown more than 74 per cent.

The President and Prime Minister also exchanged views on Burma, climate change proposals in the run up to Copenhagen, and new proposals to deepen U.S. engagement with ASEAN. The common thread in all aspects of the discussion was the reaffirmation of our shared interests and the desire to continue cooperatively address regional and global challenges.