TEL: 6. Mar. 95 9: 54 No. 004 P. 01/ 0
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PRIME MINISTER
TRANSCRIPT OF THE PRIME MINISTER, THE HON PJ. KEATING MP
JOINT DOORSTOP WITH PRIME MINISTER GOH CHOK TONG, ISTANA. SINGAPORE,
SUNDAY, 6 MARCH 1995
E& OE PROOF COPY
GOH: I am delighted to have Paul Keating visit us in Singapore. This is essentially a
continuation of our discussion in Canberra when 1 was there a few months ago.
Today, we reviewed the progress In the implementation of APEC kept our meeting
going, We also explored bilateral relations In particular we agreed that we should set
up a committee of oficials to see how we can maximize our strategic partnership.
Your focus on political, security and economic relations. The committee will be set up
in a few weeks time and to be asked to submit a report to us a blue print of action
in about six months time.
We have also agreed that Singapore should send a tourism mission to Australia to
explore several investment possibilities in either Queensland. Northem Territory or
Western Australia. Essentially again, It Is an idea which we are following up on, we
discussed It In Canberra when we met the last time.
PJK I just re-emphasize the point the Prime Minister made about Osaka, We made very
great progress at Bogor. The importance now Is to keep that momentum going and to
actualty give tangible expression to some of the elements of the Bogor Declaration.
So, I think, he and 1 see this as a great priority and we are happy to say and to know
that It Is going well at this point,
On the bilateral relationship, I think, we see a great future for Australia and Singapore
co-operating in third markets, In countries around the region where we can get
together, that is our skills and our technology and our capital, to do things together
and as the Prime Minister has said, we will now arrange our respective departments
to get together and come up with an action plan within six months to say which
markets we think we should be moving towards and In which sectors.
The Prime Minister's reference to tourism is. I think, the notion that many
Singaporeans are now going to Western Australia and the Northern Territory the
nearest part of Australia, four and a half hours to Perth and there Is, I think, the
opportunity of opening up tourism developments across the north of Australia, that is.
In Western Australia, the Northern Territory and in Queensland. We think we ought to
be exploring the ways in which we can facilitate this and bring pleasure to
Singaporeans end further co-operation between our two countries and, of course, the
people to people contact which Is the underlying fundamentals of any relationship. I
am sure we are both pleased to take questions.
J: Has there been any change to whether there'e to be preferential trade within APEC
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PJK: I don't think we think this Is a sort of semi ideological dogmatic thing. The Prime
Minister can speak for himself, but I'm pretty sure Nis view and mine would be Mth~
let$ s get on with the APEC agend$, let's give real expression to the Bogor Declaration
rather than overly worry at this point about whether it is MFN or preferential. Ithink
oaet In this part of the world we would prefer to be dealing as we deal now on a Most
Favourel Nation basis with the rest of the world, but we do want to at the same time
develop APEC as coherent, with a cogency to its plans for freer trade. So. all of the
trade ideoogies of putting their sticky fingers In here, in this one, I think the key thing
is for the organlsational people to get on and make Osaka a success. That ranks
more critically than whetber it is MFN or preferential.
J: IS it disappointing that the Malaysians have Indicated that they don't berieve in APEC
the agreement, the Bogor' Agreement?
PJK: I think the Prima Minister can probably do more justice to that than 1. I mean, his
contacts with Malaysia are more extenstve than mine, but ', he !-oticn of concerted
unilateralism, the notion that we can all head down a path together but not do It In an
overly regulated way Is, I think, the way forward anc; President Soeliarto's concept of
the flexible consensus Is, I think, the appropriate one. That plus a concerted.
unilateralist approach will not only take care of any concerns Malaysia has, but
anybody else. 0o you think so, Primes Minister?
GOH: Yes.
J: Mr Keating, is there going to be an election in Australia this year?
PJK: We have to have an election oy about March 1996 and generally we have elections
when we have to have them.
J: Prime Minister, what level would you like to set this committee b; eing set up?
GOti. This is to be set up at the departmental secretary level the departrents of Foreign
Affairs and perhaps other ministries.
J, I wonder it boll of you could make any comment on the Sairings situation. Prime
Minister Goh in a sense of whether you are satisfied that Singapore has done enough
In the regulatory area and Prime minister Keating whether this raises any concerns
about yovr own markets.
GOH: No, I think looking at the reports from the investigation we felt that we have done very
well. The authority has regulated the transactions, they knew what was coming, they
forewarned the people involved, the mid margin calls paid up and as you have read
in the paper's today it Is essentially an internal problem of the Barings group -a lack of
control over ohat. As far as the market is Concerned there has been no impact The
stock market IS up, SIMEX Is trading and there has been rio losses for Singapore.
J: Prime Minister, coming to defence, what Is your assessment about relations with
Australia as far as defence concerned, what more do you think can we have?
GOH: Well, excellent relations. We are very thankful that AUStralia has given Singapore
space, As you know we need space to train our airforce, we need space for the army
and we haven't got a space in Singapore, Australia has the space and is kind enough
to offer that space to Singapore. That Is because, essentially, both countries see a
coincidence of Interest over the long term, we share strategic Interests In the area.
So, Australia has been very helpful and we are very grateful for that
J: To follow on up that question, was there any discussion of the recent events In trie
Spratleys, signs of some confrontation there?
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GON: No, we didn't discuss that.
J: Mr Keating, will there beea hike In interest rates in Australia..
P. JK: Do you work for the financial market do you? Knight-Ridder7 In Australia we have
been growing at around 5.5 to 8 per cent and we think there is now some natural
slowing In the economy and that the monetary adjustments that Australia has made
have produced perhaps a reward on demand even greater than the actal mechanicai
impact of the measures, that is. with substantial announcement efferts. So, we are
now waiting to see* just how our national accounts are looking as we get more partial
data In.
JMr Keating, back " o~ e thiS morning Senator Aiston has accused you of running an
anti Packer vendetta since he appeared or, Channel Nine and endorsed Howard, do
you have any comment. 3?
PJK: Only to make the obvious comments that they are crawling to Kerry Packer. Not a
good strategy for anybody I wouldn't recommend.
J: They are denying any deal with Packer.
PJK; Of course they will, but they have signed up. I mean, work out who Is the Packer
candidate the mani who walks in and says he will remove the cross media rules or
th~ e man who sayi he won't?
J: So, you stiii think there is a deal with
PJK:. Absolutely.
4: Mt Keating, on one other subject, could you describe your feellh'gs at the cemetery
this morning and your impressionl
PJK. I think I am always perpetually mindful of the reality of the commitment of Australian
men and women to the defence of Australia end to the defence of democratic values
and states such as Singapore during the Second World War. We have been
reminded of this because of the 50th anniversary of the Fall of Singapore in 1942.
being in 1992, and then In various other parts of the regions through 11993. 1994 and
1995. This year with Victory In the Pacift. I invariably take the opportunity to visit the
graves of Australian service men ond womnen and I was particularly struck today that
the Secretary of my DepartmTent his father is buried here and there was on the roill
two other Keatings, from Tasmania and my uncle was captured here and, of course,
died on the death March betweem Sandakan and Ranau. Sc, there Is a poignancy
and remarkably, In a sense, but probably not remarkably that in a visit to the Prime
Minister and speaking two of us here have lost relatives in the defence of Slngap~ s.
I think that speaks volumes about this ori-going relationship and the defence
relationlship in the fact that we will not 1orget. It is Important that we remember, and be
seen to remember, and it Is Important that the relatives of those who were lost here,
relatives In Australia of those who were lost here, know that it was not In vain and that
they are riot forgotten.
ends