Gan Kim Yong, Singapore's lawman premier minister, during a sheet session, astatine the World Economic Forum (WEF) successful Davos, Switzerland, connected Tuesday, Jan. 21, 2025.
Stefan Wermuth | Bloomberg | Getty Images
Despite rising commercialized tensions, Singapore inactive wants to propulsion up with a "multilateral, rules-based trading system," and sees further practice betwixt ASEAN and the European Union.
This was according to Deputy Prime Minister Gan Kim Yong, who spoke astatine the Singapore Fintech Festival connected Wednesday.
Gan, who is besides Singapore's curate for commercialized and industry, said successful a fireside chat with DBS CEO Tan Su Shan that "if we are capable to bring some EU and ASEAN unneurotic to sermon a integer economical statement betwixt EU and ASEAN, I deliberation determination volition beryllium a large breakthrough."
He besides added, "EU volition not beryllium portion of ASEAN. ASEAN volition not beryllium portion of EU, but it doesn't halt [the] EU and ASEAN [to] travel unneurotic to sermon areas that we tin enactment together."
Gan did accidental however, that this volition instrumentality time, and the 2 sides volition archetypal sermon a integer economical collaboration, "how we tin acceptable retired basal rules, and past see adjacent steps."
Southeast Asia's integer system stands astatine implicit $300 cardinal successful 2025 successful gross merchandise value, according to the 2025 Google e-Conomy SEA report.
He said helium hoped that ASEAN volition person a integer system statement with the EU, arsenic good arsenic for the Southeast Asian bloc to enactment with the Gulf Cooperation Council and the CPTPP to find ways to facilitate commercialized investment.
The CPTPP refers to the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership that was formed aft U.S. President Donald Trump pulled retired of the Trans-Pacific Partnership successful his archetypal term.
"So I deliberation determination are a batch of opportunities still, contempt the headwinds and the uncertainties we are seeing."
Separately, Gan besides said that Singapore would similar to enactment with partners to deliberation astir however the World Trade Organisation tin beryllium transformed.
"WTO is inactive [an] important instauration for this rules-based trading system," helium said.
"We volition request to alteration due to the fact that the existent plan architecture of WTO whitethorn nary longer beryllium workable, and it's important for america to travel unneurotic to sermon what is the mode forward, what are the areas that necessitate transformation," Gan added.
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