Countries need appropriate strategies to tackle challenges caused by Covid-19 pandemic: Iswaran

SINGAPORE - Countries will need to think of appropriate economic and policy strategies to tackle the unprecedented confluence of challenges brought about by the Covid-19 pandemic, said Minister-in-charge of Trade Relations S. Iswaran on Saturday (July 9).

Speaking at an economic forum in France, Mr Iswaran, who is also the Minister for Transport, said the world is dealing with geopolitical tensions, the eruption of war and supply chain disruptions.

He said: "It is important that, especially at a time like this, we resist the tendency to look inwards but ensure that we maintain global international connectivity. This is important because when we talk about supply chain resilience, diversification is essential."

He added that Singapore has pursued free trade agreements (FTAs) and continued to do so even in the past two years of the pandemic. Singapore concluded an FTA with the European Union and is continuing to do so with many other countries and regions.

Mr Iswaran has been in France since July 5 and is attending the Les Rencontres Economiques d'Aix-en-Provence forum in the south of France, which began on Friday and ends on Sunday (July 10). It features about 350 speakers from about 40 countries, who include business leaders, economists and politicians.

Before his trip to France, Mr Iswaran was in Britain for four days and was in Germany before that. He returns to Singapore on Saturday.

Mr Iswaran said it is also important to look for new growth opportunities, such as in the digital realm, to ensure that businesses and people can capture this growth.

For example, Singapore has started working on digital economy agreements and partnerships with many countries, such as Australia, New Zealand and Chile.

He added: "Next are green economy agreements, where we can come together as like-minded partners and ensure that the growth that we pursue for mutual benefit is also a growth that is sustainable, green, and that does not harm the future of our planet."

The growth should be inclusive as its impact on companies and people will be differential, Mr Iswaran added.

Small and medium-sized enterprises (SMEs) should be well equipped to participate in this growth, be it going overseas to new markets, plugging into digital platforms or developing their capabilities.

Countries must also invest in training its people so that they have the skills and capabilities to participate in these new opportunities.

He said: "Therefore, even as we pursue external linkages, new pathways, digital and sustainable growth, it is critical that we also complement these with important domestic economic policies that support the capacity of our SMEs and also the capabilities of our people."

In a Facebook post on Saturday, Mr Iswaran said he met new French Minister in charge of Foreign Trade and Economic Attractiveness Olivier Becht, and they discussed ways to advance the implementation of the France-Singapore Digital and Green Partnership. 

France is Singapore’s second largest EU goods trade partner and fourth largest EU investor.