SINGAPORE — Southeast Asian countries will work more closely with new powers China and India to counter the pressure of protectionism and ensure continued growth, Singapore Prime Minister Lee Hsien Loong said Saturday.
Addressing the summit of the 10-nation Association of Southeast Asian Nations (Asean), Loong said that regional economic growth was under threat because the political mood in many countries had turned against free trade. He said recent trade tensions between the US and China in particular are worrying.
The US and China are entangled in their most consequential trade dispute since World War II. Both countries have proposed tariffs of 50 billion on each other’s products; President Donald Trump is looking to impose tariffs of up to 100 billion more on Chinese goods.
“The global strategic balance is shifting, and so is the regional balance,” Lee said. “New powers, including China and India, are growing in strength and influence. This has opened up new opportunities for Asean member states as we expand our cooperation with them.”
In addition to Singapore, the Asean members are Myanmar, Cambodia, Laos, Indonesia, Thailand, Malaysia, Vietnam, Brunei and the Philippines.
He said that the group faces challenges closer to home as well, such as the Islamic State group, cybersecurity and strengthening a regional economic community.
In a statement on Saturday, Asean leaders affirmed the need for peace in the South China Sea, where the bloc is currently negotiating a set of rules with China to avoid conflict situations arising from a bitter territorial dispute pitting some members against Beijing’s vast claims to the strategic waterway.
The leaders also welcomed a historic summit between North Korean leader Kim Jong Un and South Korea’s President Moon Jae-in as a first step toward reducing tensions on the Korean Peninsula.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
