Ms He Ting Ru (Sengkang): Sir, today’s world is increasingly uncertain and contentious, not least because of growing United States (US)-Chinese competition. With these, come greater risk of Singapore facing economic coercion. Not necessarily because of anything we may have done but because major powers and others believe that it is possible to force us into certain positions.
We have seen US limits on technology transfers helm in some of the world’s ability to export. During the Trump Administration, Singapore was placed on a list of potential currency manipulators that could face sanction. China has published a list of countries from Australia to Czechia from Canada to Japan and South Korea for acting in ways that it does not like.
Economic coercion can be arbitrary and sudden. This may get worse of shifts and domestic politics in China and the US. What are the concrete efforts being taken to prepare for and mitigate economic pressure that may come our way, both on our own and in conjunction with partners? After all, any such plans must involve active public and business participation, sooner rather than later, to be effective.
The Minister of State for Trade and Industry (Mr Alvin Tan): Amidst growing geopolitical tensions and protectionist trade policies, which was also a concern raised by Ms He Ting Ru, we must continue to strengthen Singapore’s global trade competitiveness. How? Let me suggest three ways: first, we must continue to advance our trade and investment with partner economies, especially in the growing markets; second, we must help our local companies to scale up and internationalise; and third, we must encourage new trade flows for in-demand areas.
Ministry of Trade and Industry
1 March 2024
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=budget-2361
Office of the Leader of the Opposition 