In a media interview at the end of his official visit to Washington, Mr Gan says trade will continue to be a vital part of the global economy.
Minister for Trade and Industry Gan Kim Yong delivering his speech at a reception to commemorate the 20th anniversary of the US-Singapore Free Trade Agreement, in Washington on April 29.
“It may not be the same as 20 years ago; a lot more attention is being paid today to national security, to supply chain resilience,” said Mr Gan in a reference to the heightened geopolitical rivalries and protectionist policies that have hurt global trade prospects. “As the hub, we want to be a key node in the supply chain. And if we are able to find a niche in the supply chain, then we can play to our strength in being the trusted partner in the supply chains,” he said.
Later in the day, Mr Gan elaborated on the changes transforming the global economic landscape during a dialogue at The Economic Club of Washington moderated by Ms Barbara Humpton, the president and chief executive of Siemens Corporation. He cautioned that the current restructuring of the supply chain had to be done right. “In the end, if you don’t do it carefully, it will add cost to the global economic system,” the minister said.
The US-Singapore FTA has proved to be a useful base for new initiatives launched in recent years such as the Partnership for Growth and Innovation , and the bilateral Climate Partnership, he said. PGI is intended to secure inclusive growth through advancing cooperation in areas such as the digital economy and smart cities, advanced manufacturing and healthcare.These new platforms open up two new areas of opportunities: sustainability and the digital economy.
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