Singapore's Lee urges SEA to shun protectionism: report
'It is important for us to send a clear message to the world that Asean is open for business, that our cooperation is continuing,' said PM Lee. -- ST PHOTO: ALPHONSUS CHERN
HUA HIN (Thailand) - SINGAPORE Prime Minister Lee Hsien Loong called on Saturday on South-east Asia to shun protectionism and to work together, as he warned that a full global economic recovery could take years.
Speaking in an interview with the Bangkok Post, Mr Lee said that members of the Association of South-east Asian Nations (Asean) meeting in the Thai beach resort of Hua Hin needed to show that the region was committed to free trade.
'This summit is taking place at a time of great upheaval in the world. The financial crisis is worldwide. Each Asean country, each one of us is affected,' Mr Lee was quoted as saying.
'I think we have to pay a lot of attention, whatever measures we do, we do not give the impression that we are becoming protectionist, that we are turning inwards, because Asean depends on this global market.' Regional leaders have given mixed signals over the bloc's commitment to free trade.
Thai Prime Minister Abhisit Vejjajiva has warned of protectionism but Malaysian premier Abdullah Ahmad Badawi said it was a 'normal reaction' to urge people to buy local goods during times of crisis.
Mr Lee said that sending out the right signal was crucial if Asean was to ride out the current financial crisis, which has already pushed the region's export-driven economies either into recession or to the brink.
Asean on Friday signed its most wide-ranging free trade agreement, with Australia and New Zealand, after nearly four years of negotiations.
'We stand for a continuing free-trading stance against protectionism and we will do our best during these difficult times,' Mr Lee said.
He warned that it could take years for the global economy to fully recover from the current crisis, saying that earlier predictions of a swift rebound had been overly optimistic.
'You could easily be in for several more years of quite slow growth worldwide. And I think it's best that we prepare for that, and prepare our people,' he said. -- AFP
