Singapore calls for creation of Asia-Pacific free trade zone

Singapore is calling for the creation of an ambitious Asia-Pacific free trade zone comprising of about half the world's global trade. But, it warns any nations backsliding on trade liberalization would be disastrous.

George Yeo, Singaporean Foreign Minister, said, "What we really want is a free trade area of the Asia Pacific, but that will be very difficult to negotiate. But let's keep pushing in that direction through bilateral and regional free trade agreements, creating a positive, competitive dynamic."

The call by Singapore Foreign Minister George Yeo comes ahead of a summit of the 21-member Asia-Pacific Economic Cooperation forum. The summit is expected to discuss free-trade proposals. Addressing a panel discussion to mark APEC's 20th anniversary, Singaporean Prime Minister Lee Hsien Loong says the summit takes place at a pivotal moment, when the world economy is emerging from the global financial crisis.