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Staying open and forging a way forward amidst uncertainties

trade, Singapore, economy

During The Economist’s Asia Trade Insight Hour series, a webinar was held on the economic outlook for trade. Mr Chan Chun Sing, Minister of Trade and Industry, noted that global trade has lifted millions out of poverty. There is, however, a growing number of people who oppose trade because of the uneven distribution of benefits.

Amidst the current uncertainties in the world, global growth will slow with less trade. Yet, it is “in the interests of like-minded countries and companies to uphold the global trading system”, Mr Chan said.

Even though trade is a net positive for a country, its benefits may not be felt right away. To ensure that industries and workers are not left behind, domestic adjustments must be made.

“Governments must help businesses and workers adapt to the evolving realities and make the necessary adjustments, so that they can benefit from trade,” he said.

Due to the COVID-19 pandemic and geopolitical developments in the world, many companies are rebalancing efficiency and resilience.

Diversity and integration are two characteristics of a resilient supply chain, according to Mr Chan.

With our strong connectivity and stable, long-term policies, Singapore is a safe harbour for companies looking to base their operations in this increasingly uncertain economic climate,

he said.

Throughout this pandemic, Singapore has maintained an open posture.

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“We have been working proactively with like-minded partners to maintain open supply chains especially for essential items including food and medical supplies,” Mr Chan said.

We are also leaders in developing the digital economy ecosystem, and we are in active talks with digital giants. As a result, we will be well-positioned for the next phase of global economic growth.

Despite the uncertainty of the future, Singapore is confident in the long-term fundamentals of the economy. In the post-COVID-19 world, we will strive to remain relevant by acting as an interlocutor, connecting countries and companies worldwide.

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Reference:

  1. The Economist – Asia Trade Insight Hour Webinar

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