Senior Minister of State, Sim Ann, discusses concerns over global economic threats and calls for international cooperation at the Les Rencontres Économiques Forum in Singapore.
Photo Credit: Ministry of Foreign Affairs, Singapore
Singapore, January 25, 2024 – Senior Minister of State, Sim Ann, delivered remarks at the Opening Ceremony of the Les Rencontres Économiques de Singapour – Singapore Economic Forum, highlighting key concerns and proposing collaborative solutions in the face of pressing global challenges.
The event, attended by distinguished figures such as Professor Jean-Hervé Lorenzi and Professor Francisco Veloso, focused on the theme “Indo-Pacific: Shaping the World Order.” Sim Ann expressed delight at the Forum’s return to Singapore, emphasizing the importance of international collaboration amid the complex geopolitical landscape.
Sim Ann outlined three primary concerns affecting the global economy. Firstly, the open, rules-based, multilateral trading system is under threat, exacerbated by the aftermath of the COVID-19 pandemic. Rising geopolitical tensions and economic protectionism pose risks to the system that has supported global economic growth since World War II.
Secondly, ongoing conflicts worldwide, including the Russia-Ukraine war and the recent attacks on international shipping in the Red Sea, have raised concerns about global and regional peace and stability. Sim Ann underscored the need for international cooperation to address these challenges.
Thirdly, the intensifying great power competition and mistrust between the US and China have led to trends of ‘slowbalisation’ or ‘deglobalisation.’ Sim Ann emphasized the importance of preserving free and open trade to avoid significant economic setbacks and technological bifurcation.
Highlighting Singapore’s vulnerability as a small, trade-dependent economy, Sim Ann called for greater cooperation in the Indo-Pacific region. She acknowledged the potential of the region, with Southeast Asia at its heart, and stressed the importance of maintaining open and inclusive multilateralism.
Sim Ann commended the partnership with France, emphasizing their strategic ties within ASEAN and the EU. She discussed the Digital and Green Partnership signed in 2022 and highlighted Singapore’s role as an air hub connecting European companies with the wider ASEAN region.
In conclusion, Sim Ann urged like-minded partners to strengthen their collective voice in international forums, emphasizing the importance of defending the multilateral, rules-based trading order. She expressed confidence that collaboration could lead to a more stable, secure, and sustainable global economy.
Source – MFA
