G20 should focus on growth: SM Goh
By East Asia bureau chief Maria Siow | Posted: 15 April 2011 2225 hrs <LINK rel=image_src href="http://www.channelnewsasia.com/imagegallery/store/phphe4Dij.jpg">
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Senior Minister Goh Chok Tong</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE><!-- for Facebook Like function --><TABLE border=0 cellSpacing=0 cellPadding=0 width=510><TBODY><TR><TD colSpan=4><HR align=left color=#dddddd SIZE=1 width=510></TD></TR><TR><TD height=30 vAlign=center width=510 colSpan=4><?xml:namespace prefix = fb ns = "http://www.facebook.com/2008/fbml" /><fb:like class="fb_like fb_edge_widget_with_comment fb_iframe_widget" action="recommend" width="510" show_faces="false" layout="standard" href="http://www.channelnewsasia.com/stories/singaporelocalnews/view/1123064/1/.html"><IFRAME style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 510px; HEIGHT: 22px; BORDER-TOP: medium none; BORDER-RIGHT: medium none" id=f2a864eab07585 class=fb_ltr title="Like this content on Facebook." src="http://www.facebook.com/plugins/like.php?action=recommend&api_key=113370852059819&channel_url=http%3A%2F%2Fstatic.ak.fbcdn.net%2Fconnect%2Fxd_proxy.php%3Fversion%3D0%23cb%3Df3c49b302653aca%26origin%3Dhttp%253A%252F%252Fwww.channelnewsasia.com%252Ff1c3845e051b60f%26relation%3Dparent.parent%26transport%3Dflash&href=http%3A%2F%2Fwww.channelnewsasia.com%2Fstories%2Fsingaporelocalnews%2Fview%2F1123064%2F1%2F.html&layout=standard&locale=en_US&node_type=1&sdk=joey&show_faces=false&width=510" frameBorder=0 allowTransparency name=f7b8a564b08c6b scrolling=no></IFRAME></fb:like></TD></TR><TR><TD colSpan=4><HR align=left color=#dddddd SIZE=1 width=510></TD></TR></TBODY></TABLE>
BOAO, Hainan : With the shift in favour of emerging economies, an important role of the G20 is to make sure that this transition takes place without affecting global growth, said Singapore's Senior Minister Goh Chok Tong.
Speaking at the Boao Forum in China, Mr Goh added that the G20 should stay away from political and strategic issues such as the current developments in the Middle East.
He said it is too early and unnecessary to expand membership of the G20 because the premier international grouping is able to take into account most of the interests of the global community.
But as emerging economies begin to play catch up, the G20 has a further role of ensuring a level playing field.
Mr Goh said: "WTO has the legal powers to enforce certain rules that are being breached by some countries. So G20 exercises its political will, get WTO to conclude the Doha round, then it has enforceability.
"Then the role of the G20 and WTO is to ensure that people compete on a fair basis so if there are competitive currency depreciations, it's something for the G20 and IMF to look into."
On the political upheavals in the Middle East, Mr Goh said these should be handled by the United Nations. The G20 should primarily focus on growth.
Singapore's senior minister added: "Unless there is growth, you are not going to create jobs and you are going to have other problems. So in discussing growth and job issues, and the whole slew of issues affecting this will have to be discussed at the G20."
Earlier on, during his keynote speech, Chinese President Hu Jintao spelt out the prospects for China's growth in the next five years.
These include increasing imports, investing in green and low carbon technology, as well as playing a role in global economic governance and regional cooperation.
Apart from hosting the Boao Forum, China is also concurrently hosting the BRICS summit of emerging economies comprising Brazil, Russia, India, China and South Africa - a clear sign that China is keen to extend and project its influence.
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By East Asia bureau chief Maria Siow | Posted: 15 April 2011 2225 hrs <LINK rel=image_src href="http://www.channelnewsasia.com/imagegallery/store/phphe4Dij.jpg">
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Senior Minister Goh Chok Tong</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE><!-- for Facebook Like function --><TABLE border=0 cellSpacing=0 cellPadding=0 width=510><TBODY><TR><TD colSpan=4><HR align=left color=#dddddd SIZE=1 width=510></TD></TR><TR><TD height=30 vAlign=center width=510 colSpan=4><?xml:namespace prefix = fb ns = "http://www.facebook.com/2008/fbml" /><fb:like class="fb_like fb_edge_widget_with_comment fb_iframe_widget" action="recommend" width="510" show_faces="false" layout="standard" href="http://www.channelnewsasia.com/stories/singaporelocalnews/view/1123064/1/.html"><IFRAME style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 510px; HEIGHT: 22px; BORDER-TOP: medium none; BORDER-RIGHT: medium none" id=f2a864eab07585 class=fb_ltr title="Like this content on Facebook." src="http://www.facebook.com/plugins/like.php?action=recommend&api_key=113370852059819&channel_url=http%3A%2F%2Fstatic.ak.fbcdn.net%2Fconnect%2Fxd_proxy.php%3Fversion%3D0%23cb%3Df3c49b302653aca%26origin%3Dhttp%253A%252F%252Fwww.channelnewsasia.com%252Ff1c3845e051b60f%26relation%3Dparent.parent%26transport%3Dflash&href=http%3A%2F%2Fwww.channelnewsasia.com%2Fstories%2Fsingaporelocalnews%2Fview%2F1123064%2F1%2F.html&layout=standard&locale=en_US&node_type=1&sdk=joey&show_faces=false&width=510" frameBorder=0 allowTransparency name=f7b8a564b08c6b scrolling=no></IFRAME></fb:like></TD></TR><TR><TD colSpan=4><HR align=left color=#dddddd SIZE=1 width=510></TD></TR></TBODY></TABLE>
BOAO, Hainan : With the shift in favour of emerging economies, an important role of the G20 is to make sure that this transition takes place without affecting global growth, said Singapore's Senior Minister Goh Chok Tong.
Speaking at the Boao Forum in China, Mr Goh added that the G20 should stay away from political and strategic issues such as the current developments in the Middle East.
He said it is too early and unnecessary to expand membership of the G20 because the premier international grouping is able to take into account most of the interests of the global community.
But as emerging economies begin to play catch up, the G20 has a further role of ensuring a level playing field.
Mr Goh said: "WTO has the legal powers to enforce certain rules that are being breached by some countries. So G20 exercises its political will, get WTO to conclude the Doha round, then it has enforceability.
"Then the role of the G20 and WTO is to ensure that people compete on a fair basis so if there are competitive currency depreciations, it's something for the G20 and IMF to look into."
On the political upheavals in the Middle East, Mr Goh said these should be handled by the United Nations. The G20 should primarily focus on growth.
Singapore's senior minister added: "Unless there is growth, you are not going to create jobs and you are going to have other problems. So in discussing growth and job issues, and the whole slew of issues affecting this will have to be discussed at the G20."
Earlier on, during his keynote speech, Chinese President Hu Jintao spelt out the prospects for China's growth in the next five years.
These include increasing imports, investing in green and low carbon technology, as well as playing a role in global economic governance and regional cooperation.
Apart from hosting the Boao Forum, China is also concurrently hosting the BRICS summit of emerging economies comprising Brazil, Russia, India, China and South Africa - a clear sign that China is keen to extend and project its influence.
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