New partnerships needed to reform global rules-based multilateral system: PM Wong

During the dialogues, issues like trade and investment facilitation, digital trade and supply chain resilience were discussed, said Mr Wong.

“In the same regard, we should look at ways in which we can bring the free trade areas and free trade blocs in Africa closer with Southeast Asia and ASEAN,” he said. This year’s G20 Summit is the first to be held in Africa.

Mr Wong also shared about Singapore’s experience working with other countries to launch a new framework, the Future of Investment and Trade (FIT) Partnership, that brings together small and medium-sized economies to keep up the momentum of trade liberalisation. 

The partnership, announced in September this year, brings together Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, Switzerland, the United Arab Emirates and Uruguay.

In his speech, Mr Wong also emphasised a need to reform the current global system, be it the World Trade Organization (WTO) or other global institutions.

“We cannot be paralysed by old ways of doing things. We all have to get behind the urgent reforms that are needed in the WTO so that it becomes more effective and outcome-oriented,” he said.

“We should complement the WTO with flexible multilateral approaches, and that is why Singapore supports minilaterals and plurilaterals, which can serve as important pathfinders towards updating global rules.”

GLOBAL RULES REMAIN

Mr Wong also urged fellow leaders to “recommit to the core foundations which remain relevant today” in the world.