Delivered Remarks by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at the Opening Session: The Role of the FIT Partnership

His Excellencies,

Ministers,

Representatives,

Ladies and gentlemen,

1            Good morning to all of you. It is my great pleasure to welcome all of you to Singapore and to this inaugural Future of Investment and Trade (FIT) Partnership Ministerial Meeting.

2            Two months ago, we launched the FIT Partnership among 14 small- and medium-sized countries to champion a forward-looking trade agenda, at a time when the global, rules-based multilateral trading system is under immense strain.

3            In forming the FIT Partnership, each of us reaffirmed our commitment to continue our efforts to reform and strengthen the WTO, so that it will remain at the heart of the multilateral trading system.

4            At the same time, we saw a role for us to strengthen cooperation and collaboration among like-minded countries on a number of trade-related issues, such as supply chain resilience, investment and trade facilitation, as well as leveraging technology.

a.      A predictable, open, and stable rules-based order is critical to the growth and development of small- and medium-sized, trade-dependent economies like us because trade will remain a key engine of economic growth and it will open up more opportunities for our businesses and our people.

5           I am pleased to note that since the launch of the FIT Partnership, two more countries have joined our membership. On behalf of my fellow FITP members, Iet me extend a warm welcome to Paraguay and Malaysia as our newest members, bringing our Partnership to a total of 16 countries.

a.      This new membership reaffirms the value of FIT Partnership for all of us.  

6            We have made good progress over the last two months to develop initiatives that our FIT Partnership can embark on.

a.             Later today, we will share our proposals on how we can work together to strengthen supply chain resilience and mitigate risks and impact of disruptions.

b.             We will also discuss a number of other initiatives we plan to introduce, including paperless and digital trade, leveraging technology to facilitate trade, and how we can strengthen the rules-based system.

c.              Together, these initiatives demonstrate how the FIT Partnership will incubate solutions and provide a platform for countries to pilot practical solutions to facilitate trade and investment for the benefit of our economies, our businesses and our people.

7            The FIT Partnership can also be a pathfinder towards more agile and flexible modalities of how we can work together.

a.      For example, we have agreed to adopt what we call "flexible geometry" among our members, where those who are ready and willing can advance specific initiatives first, while keeping the door open for other members who are  able to join as and when they are ready to do so.

b.      Such an approach will allow us to move fast to innovate, test new ideas and seize new opportunities in a fast-changing landscape, while ensuring that we stay open and inclusive.  

c.       In time, we hope to also explore how these ways of collaboration can be adopted wider at the multilateral level.

8            Once again, thank you very much for taking time to attend this inaugural FIT Partnership Ministerial Meeting. Even amidst the challenges to the global trading system, our work here shows that small- and medium-sized countries can have agency to advance a positive agenda for trade and investment.

9           With that, I wish everyone a successful and productive meeting. Let us work together to contribute to the future of investment and trade, one that is open, fair and fit for the future.

10          Thank you very much.