Am back home from #APEC2018!
Spoke twice at the APEC - Asia-Pacific Economic Cooperation summit yesterday, at the #APEC Leaders’ Retreat and the working lunch. Both times I touched on coping with the disruption caused by digitalisation and technology on our economies.
We need to update current trade rules to address the digitalisation of trade, e.g. cross border flows of data, e-payments, digital standards, and even our approach to AI. At the WTO, Japan, Australia and Singapore are co-convenors of an initiative to develop rules on e-commerce, which will provide business certainty and keep the e-commerce space open. APEC too should pursue initiatives to promote the digital economy.
At lunch I spoke about how we are dealing with economic disruption in Singapore – by building on traditional strengths such as finance, and overcoming traditional constraints through innovation and new technologies. We are also taking care of our people – by making our education system prepare our students for the future economy, by equipping workers with relevant and up-to-date skills, and by looking after workers whose jobs may be displaced by technological disruption. – LHL
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