Opening Remarks by DPM Gan at the FIT Partnership Joint Press Conference

1.           Good afternoon and thank you for joining us here today. 

2.           Recent shifts in global trade have strained the rules-based trading system. For small, medium and trade-dependent countries, a predictable and open trading environment is critical for growth and development.

3.           The FIT Partnership brings together like-minded small and medium sized trade-dependent countries to support the rules-based trading system and advance open and inclusive global trade.

4.           Today, we held our first in-person Ministerial Meeting, and I am happy to share several fruitful outcomes. Firstly, we welcomed two new members to the Partnership – Paraguay and Malaysia. This brings the total membership of the FIT Partnership to 16 countries.

5.           Secondly, we affirmed our commitment to enhancing cooperation and coordination by announcing a Supply Chain Resilience Declaration. This will enable faster, coordinated responses to major supply chain risks and disruptions. Members will build on this declaration to further strengthen cooperation and coordination on issues relating to supply chain resilience.

6.           Thirdly, the FIT Partnership members had good discussions on our next steps. We launched three new workstreams on: (i) advancing digital and paperless trade, (ii) strengthening the rules-based trading system, and (iii) leveraging technology. These workstreams will help members tackle emerging challenges and seize opportunities in the evolving global economy.

7.           For Singapore, trade is existential. It accounts for more than three times of our GDP. As a small and open economy, we remain fundamentally dependent on global trade flows and must maintain our openness to the international economy. This makes us particularly vulnerable to disruptions in the global trading system.

8.           Singapore is a strong advocate for the FIT Partnership because it provides countries like us with a vital platform to connect with like-minded partners committed to strengthening the rules-based trading system and contribute towards positive trade developments. It was with this intent that we started discussing the FIT Partnership with fellow co-convenors – New Zealand, Switzerland and the UAE – since last year.

9.           I should emphasise that the FIT Partnership does not intend to replace the World Trade Organization (WTO), and it is also not intended to be a parallel track to WTO. We hope that the work at FIT Partnership will be able to complement WTO’s efforts in strengthening the rules-based trading system.

10.        Singapore will continue to play our part in working with FIT Partnership members to deliver concrete, practical outcomes that advance international trade cooperation.