Opening Remarks by DPM Gan on the FIT Partnership Joint Press Convention

1.           Good afternoon and thanks for becoming a member of us right here in the present day. 

2.           Recent shifts in world commerce have strained the rules-based buying and selling system. For small, medium and trade-dependent nations, a predictable and open buying and selling setting is essential for development and improvement.

3.           The FIT Partnership brings collectively like-minded small and medium sized trade-dependent nations to assist the rules-based buying and selling system and advance open and inclusive world commerce.

4.           Today, we held our first in-person Ministerial Meeting, and I’m completely satisfied to share a number of fruitful outcomes. Firstly, we welcomed two new members to the Partnership – Paraguay and Malaysia. This brings the entire membership of the FIT Partnership to 16 nations.

5.           Secondly, we affirmed our dedication to enhancing cooperation and coordination by saying a Supply Chain Resilience Declaration. This will allow quicker, coordinated responses to main provide chain dangers and disruptions. Members will construct on this declaration to additional strengthen cooperation and coordination on points relating to produce chain resilience.

6.           Thirdly, the FIT Partnership members had good discussions on our subsequent steps. We launched three new workstreams on: (i) advancing digital and paperless commerce, (ii) strengthening the rules-based buying and selling system, and (iii) leveraging expertise. These workstreams will assist members deal with rising challenges and seize alternatives within the evolving world financial system.

7.           For Singapore, commerce is existential. It accounts for greater than thrice of our GDP. As a small and open financial system, we stay essentially depending on world commerce flows and should preserve our openness to the worldwide financial system. This makes us significantly weak to disruptions within the world buying and selling system.

8.           Singapore is a powerful advocate for the FIT Partnership as a result of it gives nations like us with a significant platform to attach with like-minded companions dedicated to strengthening the rules-based buying and selling system and contribute in direction of optimistic commerce developments. It was with this intent that we began discussing the FIT Partnership with fellow co-convenors – New Zealand, Switzerland and the UAE – since final 12 months.

9.           I ought to emphasise that the FIT Partnership doesn’t intend to switch the World Trade Organization (WTO), and it’s also not meant to be a parallel observe to WTO. We hope that the work at FIT Partnership will be capable of complement WTO’s efforts in strengthening the rules-based buying and selling system.

10.        Singapore will proceed to play our half in working with FIT Partnership members to ship concrete, sensible outcomes that advance worldwide commerce cooperation.