11 Oct 2018
Thank you, Mr Chairman.
1 Singapore aligns itself with the statements made by Egypt on behalf of the Group of 77 and China; the Maldives on behalf of the Alliance of Small Island States (AOSIS); and Indonesia on behalf of the Association of Southeast Asian Nations (ASEAN).
Mr Chairman,
2 Singapore strongly supports the inclusive and sustainable growth envisioned by the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda. As a small country with limited land and no natural resources, we understand well the challenges of sustainable development and economic growth. Singapore’s macroeconomic policies have been designed with long-term sustainability in mind. They also entail working closely with companies and trade unions to understand economic and labour trends, while adopting a pragmatic approach to helping our people adapt to these challenges and driving the development of our economy.
3 However, national development efforts can only be successful if they are supported by a conducive global economic system. The profoundly difficult and volatile global economic conditions today pose both a short-term challenge to domestic priorities such as jobs and growth, and a long-term threat to achieving the 2030 Agenda and the Addis Ababa Action Agenda. In particular, concerns are growing over the escalation of trade tensions. Rising trade barriers will disrupt value chains and business models, affecting many industries, countries and workers. With the world in a state of uncertainty, please allow me to share some perspectives from Singapore’s experience.
4 First, we should strengthen and improve the multilateral system. We live in an increasingly multi-polar world where economic output and trade are deeply integrated. The problems we need to solve are beyond the ability of any one country to address. This endeavor calls on all countries to forge global consensus and reinforce the roles of international organisations including the United Nations, World Trade Organisation (WTO), and the Bretton Woods Institutions in global economic governance.
5 Singapore has deepened collaboration with relevant international organisations to strengthen resilience against illicit finance. We have intensified our surveillance and supervision of risks associated with money laundering, terrorism financing and proliferation financing. We have also taken tough regulatory actions against breaches of our financial rules. Singapore will continue to work with other countries and stakeholders to strengthen our technology risk supervision and cyber threat response capabilities.
6 Second, we all have a stake in supporting free trade. Over the past seven decades since the Second World War, countries have reaped the benefits of liberalisation. Both developed and developing countries benefitted from access to new markets, foreign investments and the growth in global demand. Economies, large and small, including Singapore, were able to leverage comparative advantages to expand output, create jobs, move up the value chain and realise their potential.
7 In this regard, Singapore remains firmly committed to the WTO and the multilateral trading system. Singapore has also been working with other countries to proceed with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). As ASEAN Chair, Singapore is also working with ASEAN Member States and our Dialogue Partners to make progress on the Regional Comprehensive Economic Partnership (RCEP). Singapore supports the CPTPP and RCEP as two key high quality agreements that will reduce market barriers, foster trade and promote greater economic integration.
8 Third, respect for international law. A global economic system that is open, inclusive, transparent and based on the rule of law is of fundamental importance to many countries, including Singapore. International law helps to provide all countries with a predictable international environment and framework to develop their economies. Clear rules and norms also create an enabling environment for companies to make investment decisions and build capabilities for their future. As a strong supporter of international law, Singapore has signed key international tax agreements to combat tax evasion and exchange information with a wide network of jurisdictions.
Mr Chairman,
9 Multilateralism, free trade and respect for international law are three fundamental and overlapping tenets of our global economic system. Singapore is committed to working with the UN, other countries and stakeholders to shore up international consensus around these pillars and reinforce the foundation of our collective endeavour to achieve the 2030 Agenda and the Addis Ababa Action Agenda.
10 I thank you.
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