Singapore well-placed to weather global supply chain shake-up: Trade Minister Gan Kim Yong

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.

Neither President Joe Biden nor his Republican rival Donald Trump has displayed much enthusiasm for trade ahead of the Nov 5 presidential election. And, Singapore, a global hub of trade, tourism, financial services, data flows and many other activities, will not suffer if it manages to leverage its reputation as a predictable and enabling environment for business, said Mr Gan.

“ are very familiar with the Singapore environment, and they know that Singapore is a trusted partner. There will be opportunities for us to see, in this reorganisation of supply chains, whether Singapore will be able to find a place, play a part in the new supply chains,” he said. At the dialogue, Mr Gan noted the shift in attitudes from 2004, when countries were working to reduce trade barriers, to today, when they are divided by geopolitical tension between the US and China, as well as wars and conflicts in Europe and the Middle East.

Singapore, a small country with an open economy, has to improvise, leveraging its key element of trust, said Mr Gan.Focus on digital economy, supply chains to open new avenues for US and S’pore businesses

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