Finance Minister Heng Swee Keat has called on Singaporeans to stay united as the country faces rising global headwinds.
Speaking at the end of the World Economic Forum annual meeting in Davos yesterday, he noted how there was a lot of anxiety in many countries because of globalisation and the fast pace of technological changes. In many parts of the world, communities have fragmented, and this has had a negative impact on political systems.
To win votes, politicians make promises they cannot fulfil or which could hurt future generations, said Mr Heng, who had spent four days meeting world and business leaders.
At the sidelines of the forum, Singapore, together with Australia and Japan, hosted a meeting of World Trade Organisation members to kickstart negotiations for rules governing e-commerce.
Minister-in-charge of Trade Relations S. Iswaran noted that digital trade, including e-commerce, was one of the bright spots in the global economy, and the meeting will take the digital trade agenda forward.
SEE TOP OF THE NEWS: Think long term, stay united to tackle global headwinds, says Heng