During the 2024 Regional Economic Conference held on August 21, Deputy Prime Minister Heng Swee Keat emphasized the critical need for a conflict-free and fair global trading system. He addressed various global challenges, including climate change and health security, while urging for cooperation in light of rising geopolitical tensions, particularly the ongoing US-China trade war [5118c859]. DPM Heng referenced a 1985 address by Mr. Lee Kuan Yew, which advocated for free trade, highlighting its importance in today's economic landscape [5118c859].
DPM Heng also celebrated the 20th anniversary of the US-Singapore Free Trade Agreement, noting that bilateral trade has nearly tripled to US$207 billion in 2021. Furthermore, he pointed out that US investment in Singapore reached US$309.4 billion in 2022, providing employment for approximately 191,400 workers [5118c859]. He called for an upgrade to the free trade pact, emphasizing the need to focus on the digital economy. Singapore has already concluded five digital trade agreements, showcasing its commitment to enhancing digital trade [5118c859].
In addition to his remarks on global trade, DPM Heng reiterated the importance of partnerships and collaboration in driving economic restructuring and transformation, as discussed in his previous speech at the Singapore Economic Review Conference [0eea58aa]. He highlighted the significance of managing assets effectively and the government's approach to helping citizens manage their finances [9f8dc5db]. Temasek, Singapore's investment company, was also mentioned for its strategy of building a resilient portfolio and supporting investee companies through capital and expertise [2b8f22de]. DPM Heng's recent statements reflect a broader commitment to navigating the complexities of global trade while fostering economic growth in Singapore and beyond.