Speech by Minister-in-charge of Trade Relations Grace Fu at the Future of Trade Forum

From Turbulence to Transformation: Building the Next Architecture of Global Trade

Mr Mark Lee, Chairman, Singapore Business Federation,

Mr John Denton, Secretary-General of the International Chamber of Commerce,

Ms Johanna Hill, Deputy Director-General of the World Trade Organisation,

Distinguished speakers,

Ladies and gentlemen,

Good morning.

Introduction

1. Since the first of Future of Trade Forum in 2019, the global trading environment has become significantly more challenging. Yet disruptions can also present opportunities – for new pathways of growth, for businesses to diversify its customers, suppliers and markets; for governments to modernise the rules and systems that underpin trade.

This year, as we reflect on the theme, "From Turbulence to Transformation: Building the Next Architecture of Global Trade", I would like to focus on the opportunities within this landscape, what Singapore is doing to seize them, and how we can work together to shape the future of trade.

A More Complex Trading Environment

2. For decades, globalisation acted as the primary engine of global prosperity, delivering hyper-connected supply chains and rapid economic growth.

3. Today, however, that playbook is being unwritten and rewritten.

4. We are witnessing a world where trade is weaponized for geopolitical considerations. Trade, security, and climate change are deeply entangled. Fragmentation is challenging the foundational rules of global commerce. We see the effects in how goods move, where capital is invested, and how supply chains are organised.

5. Yet these shifts also create opportunities for businesses to diversify their markets, strengthen their supply chains and capture new areas of growth. Competitiveness will increasingly depend not only on efficiency, but also on resilience and agility in a volatile and complex trading environment.

Singapore's Role in the Next Architecture of Global Trade

6. Against this turbulent backdrop, Singapore’s value proposition becomes clear. We remain firmly committed to keeping trade open, predictable, and rules-based. In times of uncertainty, businesses place a higher premium on clear rules, reliable institutions and trusted partners. To ensure we remain that trusted partner, we are focusing our efforts on three fronts.

Deepening and Diversifying Our Trade Partnerships

7. First, we will deepen and diversify our trade partnerships. Singapore aims to remain a trusted and reliable connector – a place where businesses can connect to markets, partners, capital, talent and ideas. We will deepen our linkages with key economic partners, while diversifying into new markets and growth areas. For example, our Free Trade Agreements (FTAs) with the Pacific Alliance and MERCOSUR are opening new opportunities in Latin America.

We are also negotiating an FTA with Bangladesh and exploring one with the East African Community. We are also pioneering new rules and cooperation in emerging areas, from being a founding member of the first-of-its-kind Digital Economy Partnership Agreement to negotiating the first plurilateral Green Economy Partnership Agreement.

8. At the same time, we will defend and expand our economic space. This includes practical arrangements to strengthen supply-chain resilience, such as our Agreement on Trade in Essential Supplies with New Zealand and the Protocol on Economic Security and Essential Supplies with Australia. We will also continue strengthening the rules-based trading system – through the World Trade Organisation (WTO), regional agreements such as the CPTPP and RCEP, and more flexible forms of cooperation such as the Future of Investment and Trade Partnership (FIT-P). Within ASEAN, we are also advancing regional integration through the ASEAN Digital Economy Framework Agreement and upgrades to key trade agreements.

9. Singapore will take on the ASEAN Chairmanship in 2027, coinciding with ASEAN’s 60th anniversary. We aim to advance a forward-looking regional agenda that would deepen integration, strengthen ASEAN’s capacity to respond to change, as well as expand ASEAN’s external partnerships with existing and new partners.

10. Taken together, these efforts are about giving businesses more pathways to grow and more options to navigate disruption – by opening new markets, strengthening connectivity and keeping trade flowing even in times of uncertainty.

Harnessing Technology to Make Trade More Accessible and Seamless

11. Second, we will harness technology to make trade more accessible and seamless. As businesses navigate increasingly complex trade rules, market conditions and compliance obligations, they require expertise and agility to identify and seize opportunities out there. Artificial Intelligence (AI) can serve as a strategic enabler to help narrow that gap by making trade intelligence more accessible, supporting faster analysis, and helping businesses make better-informed decisions.

12. SBF's Trade AI Advisor (TAIA) platform, supported by EnterpriseSG, provides reliable, real-time trade guidance in navigating Singapore's 29 different FTAs more effectively and exporting with greater confidence and efficiency.

13. Apart from navigating trade rules to access information on Government grants and support schemes, businesses venturing overseas have to straddle across multiple websites. This is why MTI and EnterpriseSG announced ‘BizSG’, a whole-of-government initiative that uses emerging technologies to make government support easier to discover and navigate, and transactions easier to complete. Our ambition is for BizSG to become a digital concierge for SMEs, so that they have more time to focus on business growth.

14. Its first offering, the BizSG portal, goes live today. Businesses can experience recommendations on grants based on their business needs and plans. I encourage you to try it at the BizSG booth, and share your feedback as we continue to build on it.

15. Technology can also make trade transactions more seamless. Moving away from paper-based processes can cut transaction costs and time, improve access to information and trade finance, and help businesses reach new customers and suppliers.

16. But paperless trade cannot be achieved unilaterally. It requires working with trade partners to establish common rules and standards, and interoperable data exchange systems. Our Digital Economy Agreements (DEAs), including the recently concluded ASEAN Digital Economy Framework Agreement (DEFA), are an important means of achieving this. In addition, governments and businesses must also work together because the full benefits of paperless trade arise only when different parts of the trading ecosystem adopt digital solutions in tandem. Platforms like the FIT-P are one such avenue where Singapore and like-minded partners are pursuing concrete paperless trade projects with the private sector.

Building Future-Ready Workforce Capabilities

17. Third, we will build future-ready workforce capabilities. Technology and trade agreements will only take us so far; competitiveness also depends on our people. Businesses need professionals who can navigate overseas markets, trade and investment rules, compliance requirements and shifting supply chains. These capabilities cannot be built once and left alone. It needs constant and continuous upskilling will be essential as the operating environment changes.

18. This is why industry-led efforts to strengthen trade capabilities matter. SBF's upcoming Trade and Investment Competency Framework, supported by EnterpriseSG, is one example. With the framework, professionals have a more structured pathway to build and certify their trade and investment capabilities, while businesses have a ready pool of certified trade specialists to tap on.

Closing

19. Taken together, these efforts point to a broader shift. Notwithstanding the volatility and challenges we face today, the future of trade will not be defined by any single action or effort, but built on the foundation of governments establishing a dense network of trusted rules and partnerships, businesses harnessing technology and adapting to change, supported by employees who are continuously upgrading their skills. The role of government, businesses, industries, and collaborative efforts has never been more important.

20. Singapore's own experience gives us confidence that this is possible. We have navigated successive periods of uncertainty by staying open, planning for the long term, building trusted relationships and embracing change.

21. I encourage all of you to use today's Forum not only to exchange views on the challenges ahead, but also to identify where we can build practical solutions together.

22. The global trading environment will remain turbulent – but it can be a catalyst for transformation if we are prepared to adapt, innovate and build together. Singapore will continue to do its part, and we look forward to working with all of you to shape a trading system that remains open, resilient and fit for the future. I wish everyone a fruitful Future of Trade Forum. Thank you.