20-11-2024 (SINGAPORE) Singapore’s Prime Minister Lawrence Wong has outlined his vision of a shifting global trade landscape, describing the current transformation not as deglobalisation but as ‘reglobalisation’, where trade patterns are becoming increasingly regionalised.
Speaking to Singaporean media following his inaugural attendance at the G20 summit in Rio de Janeiro and APEC summit in Lima, Wong emphasised the growing significance of regional organisations in this evolving economic framework. “Trade flows are being reconfigured, with countries gravitating towards trusted partners while seeking to reduce vulnerabilities”, he explained during Tuesday’s briefing.
The Prime Minister, who also holds the finance portfolio, highlighted ASEAN’s crucial role in this new paradigm. He stressed the importance of enhancing the bloc’s competitiveness whilst maintaining robust connections with other regions, describing it as essential for Singapore’s strategic interests.
Wong’s observations come amid mounting pressures on traditional multilateral systems. Despite acknowledging these challenges, he remained adamant about Singapore’s commitment to preserving the rules-based multilateral trading framework. “We must continue collaborating with like-minded nations to bolster the multilateral system, particularly in trade”, he affirmed.
Singapore’s strategic response to this shifting landscape includes diversifying its international partnerships. The city-state has established free trade agreements with Mercosur and the Pacific Alliance, while actively strengthening ties with Middle Eastern, Gulf, and African nations.
This marked Wong’s first South American visit since assuming office, and his debut appearance at these premier multilateral forums as Prime Minister. His analysis suggests a pragmatic approach to navigating the changing global trade environment, emphasising the need for Singapore and ASEAN to maintain their positions as vital nodes in reconfigured trade networks.
“Our objective is to ensure Singapore and ASEAN remain at the heart of these evolving trade flows”, Wong concluded, underlining the importance of adaptability in maintaining economic relevance in this new era of reglobalisation.
