He said he hopes there is still a way forward for countries that want to continue to work together within the WTO framework. Read more at straitstimes.com.
BEIJING - Singapore Prime Minister Lee Hsien Loong has called for the setting of new ground rules so that global trade can continue without the risk of decoupling. This comes at a time when strategic competition between the United States and China is ratcheting up and countries are increasingly falling on one or the other side of the divide.
His comments come amid a slew of policies aimed at what has been called “friendshoring” – where manufacturing and other industries are being relocated to countries with “shared values”. PM Lee was speaking to the Singapore media at the end of his one-week official visit to China, which has taken him to the southern city of Guangzhou, Boao in Hainan for the annual forum, and Beijing, where he met Chinese President Xi Jinping. Both leaders agreed to upgrade the bilateral relationship.
New rules will take time to be established. And until a new framework is created, “we fasten our seatbelts, hold on tight and grit our teeth and work hard”, said the Prime Minister. “They see, of course, from the Chinese perspective, what problems it causes them and what the dangers are to them. But they want friends and they would like particularly to have stability and cooperation with the other Asian countries, including Singapore.”
“I think that is the mindset which will make it possible in a troubled world for countries to have give and take, to maintain working relations and mutual trust and to be able to co-exist,” said PM Lee.
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