SINGAPORE - The multilateral trading system is under stress and Singapore can no longer take its access to overseas markets for granted, said Minister for Trade and Industry Chan Chun Sing on Tuesday ."This is going to be the new normal," he added.
Noting that the US-China trade dispute has evolved beyond tariffs to areas such as technology, he said:"A trade deal is unlikely to solve the underlying tensions. A worst-case scenario would be if there is no trade deal and the US and China continue their tit-for-tat trade measures." For Singapore to maintain its competitive edge, it must adopt technology and be a trusted hub for intellectual property, he said. It also needs to translate research and development into commercial opportunities.
Said the minister:"We cannot compete on the basis of price, but on quality and innovation. We are putting these in place so that we have a conducive environment for growth, and businesses are well-equipped to compete in the new normal." They are the Singapore Police Force, Singapore Prison Service , semiconductor manufacturer and tech firm ASM Technology Singapore, Marina Bay Sands and the Maritime and Port Authority of Singapore.
Is normal. Nothing new.
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