Singapore is deeply concerned that emerging trade tensions have raised the spectre of a trade war. As a small economy heavily reliant on trade, Singapore emphasises the importance of maintaining an open, rules-based multilateral trading system. The imposition of unilateral tariffs is not the solution for resolving trade disputes, nor is a spiral into “tit-for-tat” measures. A trade war would gravely undermine the multilateral trading system that has underpinned global economic growth and development. All Members, big and small, will be hurt. We urge that an accommodation be found to head off an escalation and for trade disputes to be resolved within the WTO framework.
No system is perfect. We should redouble our collective efforts to build an even stronger and more effective multilateral trading system. Naturally, Members will also have to adjust with the times, and bring their respective national policies up to date to account for changing circumstances. The majors have greater responsibility to contribute towards the strengthening of the multilateral trading system. It also behoves the rest of the membership to play their part.
We welcome recent efforts by major economies to resolve their differences through dialogue and negotiations. We hope that these discussions will be constructive and lead to a lowering of tensions, greater stability, predictability, openness and freer trade.
We welcome the schedules of work for the upcoming months that were put forward recently in various areas, such as fisheries, e-commerce and MSMEs. We will continue to engage in discussions of key interest to many Members, in particular, development, as well as on work in the WTO’s regular committees, including ongoing efforts to improve transparency and the notifications record of Members. The impasse in the appointment of Appellate Body members is an issue of systemic concern that adversely affects the credibility and functioning of the WTO, and needs to be resolved expeditiously.
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