Singapore PM warns ASEAN on protectionism

0 Comments | AFP, August, 2008

SINGAPORE (AFP) — Singapore Prime Minister Lee Hsien Loong on Tuesday warned against "backsliding" toward protectionism as Southeast Asian economic ministers launched a week of talks to strengthen regional trade links.

Speaking at the opening ceremony of the annual meeting of ministers from the Association of Southeast Asian Nations (ASEAN), Lee said the negotiations came at a key moment after the breakdown last month of global trade talks in Geneva.

While a strong rules-based global trading regime remained the best option for the world economy, ASEAN "should continue to integrate and liberalise" its own economies, he said.

"Our purpose is not to create a trade bloc; we are committed to open regionalism and adopt an inclusive approach," Lee said.

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