Acting Transport Minister Jeffrey Siow, SBF chair Teo Siong Seng join Economic Resilience Taskforce

SINGAPORE - Changes have been made to the composition of the Singapore Economic Resilience Taskforce (SERT) following the

new Cabinet line-up

announced on May 21.

Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow has joined the task force, while Minister for Education and Minister-in-charge of Social Services Integration Desmond Lee will leave SERT.

Newly elected Singapore Business Federation (SBF) chairman Teo Siong Seng will replace former chairman Lim Ming Yan as SBF’s representative. 

The changes will take effect immediately, said the Ministry of Trade and Industry, the SBF, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release on May 27.

Deputy Prime Minister Gan Kim Yong, who chairs the task force, said: “SERT’s mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade.” 

The other members of the task force are:

The task force was announced by Prime Minister Lawrence Wong on April 8, after US President Donald Trump on April 2 said he would impose sweeping tariffs on all imports, including goods from Singapore.

DPM Gan first hinted of

possible changes to SERT’s composition on May 16

while updating the media about its progress on trade talks with the US.

He said while a 10 per cent baseline tariff on Singapore remains non-negotiable, there is hope that the Republic may be spared from

an upcoming sectoral levy on its pharmaceutical exports

.

He added that the Government is ready to

enhance

existing

schemes to help workers and businesses

if the global economy weakens further due to tariff-induced uncertainties.