1. Singapore Prime Minister Lee Hsien Loong walking onto the stage 2. Cutaway of people attending the conference 3. SOUNDBITE (English): Lee Hsien Loong, Singapore Prime Minister ( includes a cutaway pan of audience): "Mr Chairman, Managing Director (Rodrigo) De Rato, President Paul Wolfowitz, governors and excellencies, ladies and gentlemen. Let me welcome all of you to Singapore. We are honoured to be the hosts of this year's annual meetings of the IMF (international Monetary Fund) and the World Bank." 4. Pan of flags and audience 5. SOUNDBITE (English): Lee Hsien Loong, Singapore Prime Minister: (Includes cutaway of audience listening) "Globalisation represents the best hope to improve the lives of the world's population. It's created growth and wealth and fostered trade and interdependence. It is not without its down sides but, properly managed globalisation, is a powerful force for the good. It must be part of the solution, it need not be part of the problem with good governance and effective multi-lateral institutions, all countries can contain the risks and benefit from open markets and competition." 6. Wide of conference 7. Wide of audience 8. SOUNDBITE (English) Rodrigo de Rato, Chief of International Monetary Fund: (Starts as wide shot of podium and cutaway of audience) "On trade the world will either go forward to greater growth and better opportunities or backward to narrow nationalism. We should not fool ourselves that there is a comfortable middle ground." 9. Wide of conference 10. SOUNDBITE (English): Paul Wolfowitz, World Bank President: "The United States needs to accept further cuts in spending on trade distorting agricultural subsidies, the European Union needs to reduce barriers to market access, and developing countries like China, India and Brazil need to cut their tariffs on manufacturers, developing countries also need to remove trade barriers that make it harder for them to trade with each other. Doha must succeed and we must make sure that the poorest countries come out winners." 11. Wide of conference STORYLINE: Finance leaders from around the world on Tuesday pressed for reviving the Doha Round of global trade talks that fell apart in July amid persistent differences between rich and poorer nations. Finance ministers and delegates from 184 nations gathered at the annual meetings of the World Bank and the International Monetary Fund (IMF) in Singapore have repeatedly voiced concern over the collapse of the talks and have warned of rising protectionism, which could slow global growth. Singapore's Prime Minister Lee Hsien Loong opened the IMF conference by reminding the delegates that globalisation was the best way to improve the lives of the world population. "It's created growth and wealth and fostered trade and interdependence. It is not without its down sides but, properly managed, globalisation is a powerful force for the good," added Loong. The IMF chief Rodrigo de Rato said the trade sector will either go forward to greater growth and broader opportunities for the world, or backward to narrow nationalism. "We should not fool ourselves that there is a comfortable middle ground," he added. In July, key countries in the World Trade Organisation halted more than five years of talks to liberalise commerce amid seemingly unbridgeable differences over agricultural trade. World Bank President Paul Wolfowitz said countries could reduce barriers that make it hard to trade with each other. "The United States needs to accept further cuts in spending and trade distorting agricultural subsidies, the European Union needs to reduce barriers to market access, and developing countries like China, India and Brazil need to cut their tariffs on manufacturers," said Wolfowitz. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/eaa1a4fa0e65db3bdb8a76ec401df489 Find out more about AP Archive: http://www.aparchive.com/HowWeWork

• published: 23 Jul 2015
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