SINGAPORE, March 24 (Xinhua) -- Despite globalization's retreat, Singapore remains committed to staying open, Singapore's Senior Minister Lee Hsien Loong said on Monday during his speech at the opening of Singapore Maritime Week.
Lee noted that many countries still believe in mutually beneficial trade. "Like-minded partners can definitely work together, to preserve oases of stability amid a world of chaos," he added.
Lee highlighted two key trade flow shifts. First, geopolitical tensions are straining global trade systems, with supply chains being reconfigured through friend-shoring, near-shoring and re-shoring, and restrictions being imposed on investments, semiconductors, critical minerals and data to preserve leads over competitors, or to deny rivals dual-use products and technology.
He noted that some powers are adopting "a more transactional, sometimes coercive, approach," prioritizing immediate objectives over long-term benefits.
In recent months, the U.S. administration treats tariffs not only as a preferred economic instrument, but also as bargaining leverage in non-economic domains, to protect its overall national interests, Lee said.
Second, Lee pointed to climate change, which is affecting trade routes. For instance, droughts affecting the Panama Canal are raising costs and creating uncertainty.
"Despite all the current challenges, the world still needs to trade," Lee said, emphasizing that for many countries, including Singapore, trade is a matter of survival. More than 80 percent of the global population lives in net food-importing countries, he said.
In addition to maintaining its openness, Singapore will continue to strengthen its position as a regional hub and global node, while also contributing to climate change mitigation, Lee said.
He added that Singapore is committed to peaking its emissions before 2030 and achieving net-zero emissions by 2050. ■
