Singapore can’t afford to be “passive bystander” amid global economic tensions: PM Lawrence Wong

Summary

In a rapidly changing global landscape, Singapore emphasizes the importance of active participation in shaping a stable and prosperous future. Highlighting the challenges of a multipolar world, Singapore stresses its commitment to global cooperation, regional integration, and fostering strong partnerships across various sectors. With a focus on multilateralism, rule-based global systems, and regional unity through ASEAN, the country is determined to contribute to global issues like climate change, digital economy, and human capital development. Singapore also seeks to strengthen relations with countries in Africa, Latin America, and the Middle East to promote mutual benefits and resilience in the face of global uncertainty.

Takeaways

• 😀 Singapore’s prosperity depends on a stable, rules-based global order and the free flow of trade, capital, people, and ideas.
• 😀 The emerging global order will likely be multipolar, less coordinated, and more contested, driven by the actions of many players rather than a single superpower.
• 😀 Despite its limitations as a small state, Singapore must actively shape its own destiny, responding with agility and resolve to global changes.
• 😀 Singapore is better resourced, more capable, and more connected today than it was in 1965, with strong global friendships and a reputation for international goodwill.
• 😀 Singapore's foreign policy involves deepening relationships with like-minded countries to preserve multilateral frameworks and build a stable global order.
• 😀 Singapore contributes actively to global governance through initiatives like the high seas treaty and the COVID-19 vaccine facility, demonstrating commitment to international law and multilateralism.
• 😀 Singapore supports human capital development and shares its experiences through programs like the Singapore Cooperation Program, benefiting over 155,000 officials from 180+ countries.
• 😀 ASEAN remains central to Singapore’s foreign policy, and strengthening regional cohesion and integration is crucial for maintaining collective relevance in a fragmented world.
• 😀 Singapore aims to accelerate ASEAN’s economic integration, boost intra-regional trade, reduce non-tariff barriers, and enhance cooperation on energy and digital economy initiatives.
• 😀 Singapore is expanding its global network of partnerships across various regions, including Europe, the Middle East, Africa, and Latin America, to bolster resilience and cooperation in an increasingly multipolar world.

Q & A

What global developments are concerning Singapore's prosperity?

Singapore is concerned that the global order, which has supported its prosperity through free trade, capital flow, and people exchange, is becoming more fragmented and contested. The emerging multipolar world order is likely to be less coordinated and more uncertain, posing risks to its stability.

How does Singapore plan to actively respond to global changes?

Despite its size, Singapore intends to remain proactive in shaping its destiny by engaging with a wide range of global players. The country aims to respond with agility and resolve, leveraging its resources and international goodwill to safeguard its interests.

What is the importance of Singapore’s role in multilateral forums?

Singapore plays a key role in multilateral forums by building consensus and finding solutions rather than grandstanding. It emphasizes adherence to international law and works to maintain global cooperation, as demonstrated by the country’s involvement in UN negotiations and other international initiatives.

Can you provide an example of Singapore’s successful multilateral initiative?

A significant example is the high seas treaty on biodiversity, led by Singapore's ambassador, Reena Lee. This treaty strengthens global governance over marine areas beyond national jurisdiction and is considered a landmark achievement despite a difficult geopolitical environment.

How has Singapore contributed to global health and pandemic response?

During the COVID-19 pandemic, Singapore co-chaired the 'Friends of COVID-19 Vaccines Global Access' (COVAX) facility, promoting vaccine multilateralism. This initiative aimed to ensure equitable access to vaccines for countries around the world.

What is the Singapore Cooperation Program (SCP), and how does it support global development?

The Singapore Cooperation Program, established in 1992, helps other countries by sharing Singapore’s experience in human capital development. It offers training programs and study visits that benefit over 155,000 officials from more than 180 countries and organizations.

How is Singapore addressing regional development and integration in Southeast Asia?

Singapore is committed to deepening regional cohesion and integration within ASEAN. It advocates for 100% tariff elimination, reducing non-tariff barriers, and enhancing digital economy agreements, among other initiatives, to foster economic growth and stability in Southeast Asia.

What is the ASEAN Power Grid, and why is it important for the region?

The ASEAN Power Grid is a project aimed at facilitating cross-border electricity trade within Southeast Asia. This grid will support the region's transition to green energy, promote investments, create jobs, and strengthen collective energy security.

How does Singapore intend to bolster its global network of partnerships?

In a multipolar world, Singapore aims to strengthen its global network by fostering deeper economic and strategic partnerships with countries across different regions, including Europe, the Middle East, Africa, and Latin America. This will increase resilience and enhance its ability to navigate global uncertainties.

Why is the ASEAN-EU relationship important to Singapore?

The ASEAN-EU relationship is significant as it represents a potential for deeper trade and investment flows. Strengthening this relationship, through an ASEAN-EU Free Trade Agreement (FTA), would help both regions achieve greater economic cooperation, benefiting over 1 billion people.