Singaporean PM calls on ASEAN states to open market
Singaporean PM calls on ASEAN states to open market, strengthen integration
Singaporean Prime Minister Lee Hsien Loong on November 12 called on ASEAN member countries to open their market and strengthen integration amidst the increasing protectionism in the world.
Singaporean Prime Minister Lee Hsien Loong (Source: channelnewsasia)
Hanoi (VNA) - Singaporean Prime Minister Lee Hsien Loong on November 12 called onASEAN member countries to open their market and strengthen integration amidstthe increasing protectionism in the world.
Addressing abusiness forum in Singapore ahead of the 33rd ASEAN Summit, PM Lee suggestedthat regional businesses invest more in each other’s market, while becomingmore open to competition from the outside.
The leader held thatthe more open and integrated the markets are, the more benefits all parties canenjoy.
ASEAN has greatpotential, but fully realising it depends on whether the member countrieschoose to become more integrated, and work resolutely towards this goal in aworld where multilateralism is fraying under political pressures, Lee said.
Lee has previouslywarned that the US-China trade war could have a "big, negativeimpact" on Singapore, and the city-state's central bank has warned itcould soon drag on growth.
In recent months, tradetension between the US and China has escalated as the two sides applied specialtax packages on each other. Chinese Ministry of Commerce on September 18announced that China had filed a lawsuit against the US at the World TradeOrganisation (WTO) for Washington’s imposing of a 10 percent tax rate on anamount of goods worth 200 billion USD imported from China, which led to China’sretaliatory application of tax rate equivalent to 60 billion USD on goodsimported from the US.-VNA
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Singaporean Prime Minister Lee Hsien Loong (Source: channelnewsasia) 
