Staff Reporter
Published:
Photo from Magnific
It is eyeing stronger connections with Latin America, Africa, and the Middle East.
Singapore plans to deepen economic integration within ASEAN and expand its global trade connections when it assumes the bloc's chairmanship in 2027, Prime Minister Lawrence Wong said.
The Republic will strengthen ties with existing partners whilst exploring opportunities in new regions, including Latin America, Africa, and the Middle East.
"We will do so with Southeast Asia and accelerate the integration in ASEAN," Wong said at the 24th Forbes Global CEO Conference on 8 October.
The move comes as Wong said countries are increasingly introducing trade restrictions to protect domestic industries and jobs.
“We see more trade, but the global economy will become more fragmented and fragmented by regions. In such an environment, what can Singapore do?” he added.
He further pointed out that trade remains three times Singapore's GDP, making it necessary for the country to maintain and diversify its international connections.
"Our strategy is to deepen and diversify our connections," Wong said.
Wong added that Singapore would continue to remain open to trade and investment as global economic conditions become more unpredictable.
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