Singapore and Australia shun protectionism
A bilateral meeting between Australian and Singaporean ministers has reaffirmed both countries’ commitment to fight protectionism and conclude the World Trade Organisation’s Doha Round of negotiations soon.
A statement following the meeting read: “The Ministers reaffirmed their determination to reject all forms of protectionism and to commit to take the necessary steps to keep the Australian and Singapore markets open for trade and investment and sustain economic recovery.”
They jointly agreed to strengthen the Asia-Pacific region’s competitiveness by prioritising economic integration.
Additionally, they urged a swift conclusion to Doha Round negotiations by 2010 as a way to reduce the effects of protectionism, which has been creeping into global trade dealings of late.
The meeting, hosted by Singapore’s Minister for Foreign Affairs George Yeo, also included Deputy Prime Minister Teo Chee Hean and Minister for Trade and Industry Lim Hng Kiang from Singapore and Minister for Foreign Affairs Stephen Smith and Minister for Trade Simon Crean from Australia.
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