COVID-19: Singapore pledges to stay globally connected

Singapore has pledged that it will work to stay connected with the world, even as the world threatens to fragment and regress towards protectionism amid the COVID-19 situation.

“Despite our size, we can show the way, if we have good ideas,” said Trade and Industry Minister Chan Chun Sing at a ministerial broadcast series entitled “Making a Living in a COVID-19 World” here yesterday.

Citing an example, Chan said when promoting free trade, the republic’s initial partnerships with Brunei, Chile and New Zealand eventually became today’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“Together with New Zealand, we issued a Joint Ministerial Statement to resist export restrictions and uphold global supply chains. From a party of two, we now have 11 subscriber countries, and counting,” he said.

Chan also noted that Singapore is building a network of digital economy partnerships.

The partnerships, he said, will define the rules for competing and cooperating in the new economy and will create opportunities for the companies to grow their overseas markets.

“We have concluded such agreements with Australia, Chile and New Zealand. More are on the way,” he said.

The minister reiterated that the Island-state looks forward to signing the Regional Comprehensive Economic Partnership (RCEP) agreement this year.

Chan said RCEP, which will cover all 10 ASEAN member states plus Australia, China, Japan, New Zealand and South Korea, “will lower the cost of imports for our consumers, and exports for our producers.”

“These agreements and other free trade agreements (FTAs) open up new opportunities for our businesses and will make us a more attractive base for investments to serve the region.

“This will signal to the world our confidence and determination to press on with regional economic integration,” said Chan.

Singapore’s Prime Minister Lee Hsien Loong kick-started the broadcast series on June 7.

It was then followed by National Development Minister Lawrence Wong on June 9 and Senior Minister and Coordinating Minister for National Security Teo Chee Hean on June 11.

Deputy Prime Minister Heng Swee Keat and Senior Minister Tharman Shanmugaratnam will deliver theirs next week.

-- BERNAMA