Singapore: In the face of global challenges such as geopolitical tensions and supply chain disruptions, it is important for countries to resist the tendency to look inward, said S Iswaran, Minister of Transport and Trade Relations. Said on Saturday (July 9th).

He said at an economic conference in France that the world is facing a “confluence of unprecedented challenges.” Countries had to deal with the effects of COVID-19 and the war in Ukraine.

“We are also dealing with supply chain disruptions for a variety of reasons,” he said at the Les Rencontresé conomiques d’Aix-en-Provence, hosted by the French think tank Le Cercle des é conomistes.

“Globally and at the individual country level, we need to consider what appropriate economic and political policy strategies should be adopted.”

Iswaran presented three key areas and said the world should “resist inward trends but ensure that it maintains global international connectivity.”

“This is important when talking about supply chain resilience, as diversification is essential,” he added.

The minister said Singapore has launched a free trade agreement and has continued for the past two years. Mr Iswaran said he has signed free trade agreements with the European Union and is continuing free trade agreements with many countries and regions.

We also need to work more closely in growth areas such as the digital and green economies, Iswaran said.

Iswaran said it is important for businesses, economies, and people to “plug in” digitalization in order to emphasize digitalization and take full advantage of opportunities.

Singapore has embarked on digital economic agreements and partnerships with many countries such as Australia, New Zealand and Chile. We have also started a dialogue with the EU.

“We want to be able to do this even more to create a digital bridge,” he said.

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