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G20 needs strategy against protectionism, trade slowdown: PM Lee

BRISBANE — The Group of 20 (G20) major economies need a holistic strategy to arrest the trend of trade becoming more restrictive and significant slowdown in trade in the last few years.

G20 leaders (front row, L-R), Japan's Prime Minister Shinzo Abe, Australian Prime Minister Tony Abbott and China's President Xi Jinping wave during a group photo of G20 leaders and representatives of partner groups at the annual G20 summit in Brisbane November 15, 2014. Also pictured are Canadian Prime Minister Stephen Harper (3rd L), Singapore's Prime Minister Lee Hsien Loong (top C), Indonesian President Joko Widodo (4th R) and British Prime Minister David Cameron (R). Photo: Reuters

G20 leaders (front row, L-R), Japan's Prime Minister Shinzo Abe, Australian Prime Minister Tony Abbott and China's President Xi Jinping wave during a group photo of G20 leaders and representatives of partner groups at the annual G20 summit in Brisbane November 15, 2014. Also pictured are Canadian Prime Minister Stephen Harper (3rd L), Singapore's Prime Minister Lee Hsien Loong (top C), Indonesian President Joko Widodo (4th R) and British Prime Minister David Cameron (R). Photo: Reuters

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BRISBANE — The Group of 20 (G20) major economies need a holistic strategy to arrest the trend of trade becoming more restrictive and significant slowdown in trade in the last few years.

Speaking to G20 leaders at a working dinner today (Nov 15), Prime Minister Lee Hsien Loong said the grouping must do more to fight protectionism, and be committed to the multilateral trading system. Mr Lee is in Brisbane to attend the G20 Summit.

A key focus of this year’s G20 meetings, which began today, is promoting global growth by more than two per cent over the next five years. Mr Lee noted that the G20 economies have made commitments to curb protectionism, but results have been disappointing. He said reducing protectionism is key to helping companies access opportunities globally.

In addition, Mr Lee stressed the importance of a multi-lateral trading system. He was pleased that the WTO Trade Facilitation Agreement will proceed and said the same political resolve must be applied to the rest of the Doha Development Agenda. The Agreement will lower transaction costs significantly and provide countries with higher market access.

The G20 has plans to set up a global infrastructure hub in Sydney. Mr Lee said infrastructure investments are not only for stimulating growth. Combined with new technologies, countries can create smart infrastructure, enabling emerging economies to leapfrog more developed ones and raise the quality of life for its citizens.

Mr Lee said that to realise the potential of smart infrastructure, countries must close the gaps in expertise and finance. He added that the World Bank’s Global Infrastructure Facility will strengthen capabilities and bring in the private sector.

New players like the Asian Infrastructure Investment Bank can also play a constructive role, and should work together with World Bank and the Asian Development Bank to ensure high standards. Together, they can complement and collaborate to meet the immense infrastructure needs, both in the developing and developed world.

Earlier today morning, Mr Lee met Australia’s leader of the Labour Party and opposition leader Mr Bill Shorten. Mr Lee expressed his appreciation for the good relations between the two countries. They also exchanged views on regional developments including economic and political issues, and updated each other on domestic matters. CHANNEL NEWSASIA

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