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KEYNOTE ADDRESS BY SECOND MINISTER FOR TRADE AND INDUSTRY
DR TAN SEE LENG AT THE MIDDLE EAST INSTITUTE ANNUAL CONFERENCE
TRADE PANEL,
23 FEBRUARY 2021
1 Mr Bilahari Kausikan, Chairman of the Middle East Institute.
2 Distinguished guests, ladies and gentlemen, a very good afternoon from Singapore.
3 I would like to thank Chairman Bilahari for inviting me to open today’s panel, which will be examining the theme “Trade – a Cornerstone of the New East-West Asia Connection”.
4 To better anticipate the Future, we may find it useful to consider two questions.
5 The first is on the Past and the Present:
6 And the second question is on the Challenges standing in the way of our hope for the Future:
Free Flow of Trade
7 The Middle East has long played an important role in international trade.
8 For centuries, it was a crucial link in the historic Silk Route connecting China and Europe.
9 Today, some 10 percent of global trade flows, amounting to about US$1.8 trillion, depend on the Suez Canal for speed and reliability. Trade flows between Asia and the Middle East have also grown significantly, with Asia as one of the largest trading partners of the Middle East. The growing Asia-Middle East trade not only benefits companies, but also supports good jobs and improves lives in both regions.
10 The importance of free trade and the free flow of goods and supplies are underscored by the COVID-19 pandemic.
11 From ensuring that trade continues to flow unimpeded, to keeping critical infrastructure such as air and seaports open to support the functioning of global supply chains, Asia and the Middle East have much to learn from each other in strengthening supply chain resilience.
12 I hope that the panel can examine this point in more detail later.
Achieving Synergies – the Middle East’s Participation in the “Asian Century” and Asia’s Participation in the Economic Diversification of Countries in the Middle East
13 Beyond learning from each other, there is potential for deeper economic engagement between Asia and the Middle East.
14 Some experts have written about this century being the “Asian Century”, and noted that Middle East countries and companies are “Looking East” for opportunities, particularly in East Asia.
15 The Regional Comprehensive Economic Partnership (RCEP) agreement was recently concluded among all 10 ASEAN Member States and 5 ASEAN FTA partners, opening up new opportunities for mutual trade and investments.
16 This is possible because of ASEAN’s practice of open regionalism as a way to further integrate its economies with the global economy.
17 Indeed, Southeast Asia is a region to which the Middle East should pay more attention to.
18 In particular Southeast Asia’s infrastructure needs present a very large slate of investment opportunities.
19 Singapore is the ideal launchpad for Middle Eastern companies to access Southeast Asia.
20 This growth is supported by the Gulf Cooperation Council (GCC) – Singapore free trade agreement, which eliminated tariffs on many products and granted market access to various service sectors.
21 Driven by low oil and gas prices, and the pandemic-induced global economic slowdown, some countries in the Gulf have accelerated their economic diversification efforts.
22 This has thus created opportunities in the region’s own service sectors, such as e-commerce, health, and finance, for Asian companies to look towards as well.
23 In particular, the Middle East e-commerce market is booming.
24 The strong consumer economy in the Middle East provides opportunities that Singaporean companies are already exploring.
25 Take, for example, the food and beverage industry.
26 Evidently, there is a wealth of potential that can be unlocked through mutual participation in the economic developments of the respective regions.
Capitalizing on Opportunities Despite Geopolitical Complexities
27 How then, can these opportunities be acted upon, given geopolitical trends?
28 The Middle East probably has more than its fair share of geopolitical complexities.
29 But the region’s complexities are being further complicated by increasingly complex US-China relations.
30 Middle East countries have traditionally depended on the United States for defence-related issues.
31 At the same time, these countries are also increasing their economic engagement with China.
32 As the relationship between the US and China gets more complicated, the Middle East may find itself having to navigate the intensifying competition between the two giants.
33 ASEAN, like the Middle East, is also facing the challenge of growing complexity in its internal and external relations, such as the South China Sea territorial disputes. Some ASEAN countries have experienced armed conflict in the recent past, while in others, insurgencies continue to simmer.
34 Although these challenges are likely to persist, they have not impeded the ASEAN region’s tremendous strides in trade and economic growth.
35 Therefore, I would venture to say that these are mutual points of learning that can be unlocked for both the ASEAN region and the Middle East as well.
Conclusion
36 As the Middle East continues to “Look East”, the East-West Asia Connection would undoubtedly grow stronger.
37 And as the regions grow more interconnected, perhaps something could also be said for the economic flows and connections to “Become East”!
38 I wish the panel a fruitful discussion.
39 Thank you.