Singapore - East Asia risks falling behind competitors without deeper economic cooperation and greater integration, Singapore's Minister of Trade and Industry S Iwaran said on Tuesday. "We need bold visions and concerted efforts to sustain our economic initiative and raise the standard of living of our people," he told a meeting on East Asian integration.
Energy will be a key challenge, Iwaran said. "As our cities grow and our peoples' lives improve, we will need more energy for everything we do."
"We are equally and perhaps acutely aware of the trade-offs to be made between more intensive use of energy and the impact on our environment."
Unbridled growth without heed to environmental consequences is not an option, Iwaran told the delegates. "Neither is the surrender of economic growth and higher living standards."
The integration process will be "a litmus test of mankind's ability of balance the demands of development with the needs of the environment, to reconcile progress with sustainability."
Economic ties can yield benefits such as greater economic stability and resilience; greater market access for businesses and greater choice and opportunities for citizens.
"We are certainly on the right track," Iwaran said, noting the entire GDP of East Asia expanded by 22.7 times from 1970 to 2005, faster the EU or NAFTA.
