Singapore has a role to play in helping South-east Asia's poorer economies improve their participation in regional trade and is leading negotiations in two key agreements that will enhance trade in the digital realm.
In doing so, the Republic would stand to benefit from a more inclusive region, which can lead to further market expansion and increased demand for Singapore goods and services, Mr Jose-Antonio Monteiro, coordinator of the World Trade Organisation's (WTO) 2024 World Trade Report, told The Straits Times.
“A more prosperous region drives demand for higher-quality products, which Singapore specialises in. In addition, economic convergence in the region reduces risks associated with economic volatility, allowing for sustained growth and investment,” he said.
While average incomes in poorer economies have nearly tripled and caught up with richer ones as global trade has expanded over the past 30 years, some low-income countries have nonetheless been left behind.
Despite lower barriers to trade, one-third of low- and middle-income economies, representing 13 per cent of the global population, grew slower than the average high-income economy in per capita terms.
In South-east Asia, these economies include Myanmar and Laos. For trade to be more inclusive and beneficial, these lagging economies must also have policies that integrate open trade and international cooperation.
These were among the main findings of the report, launched on Sept 9 by the WTO at its annual public forum in Geneva.
هذه القصة مأخوذة من طبعة September 21, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 21, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
PRANCING IN A PACK
Ferrari boss says constructors' c'ship too close to call, with four teams in the mix
F1 drivers swear by their 'human' emotions
Leading Formula One drivers at this week's Singapore Grand Prix said on Sept 19 they would not tone down their language on team radio, after governing body the International Automobile Federation (FIA) warned them to cut out the swearing.
NIGHT RACE CRUCIAL TO TIGHT TITLE FIGHT
For the first time in years, F1 heads to S'pore with a genuine battle for the drivers' crown
VOLUNTEERS WITH PASSION FOR F1
Love for the motor sport sees helping hands of S'pore GP return year after year
Hojlund and Mount to return in 'careful way'
Rasmus Hojlund and Mason Mount could make their returns during Manchester United's English Premier League trip to Crystal Palace on Sept 21, but manager Erik ten Hag is wary of rushing the duo back from injury.
ALISSON A DOUBT AGAINST CHERRIES
Slot also set to be without Elliott; expects 'aggressive' Bournemouth side
Raya's saves the best Arteta has ever seen
Arsenal manager Mikel Arteta hailed his goalkeeper David Raya, after the Spaniard's miraculous double save earned his side a 0-0 draw away to Atalanta in the Champions League on Sept 19.
DIVERSITY KEY FOR FENCING EXCO
Team of 11 include national water polo captain and former S'pore wushu athlete
Surge in Ohtani-mania after historic 50-50 feat
Japan erupted in cheers on Sept 20, a day after national hero Shohei Ohtani blasted his way into Major League Baseball (MLB) history as the first player to hit 50 home runs and steal 50 bases in a season.
Foreign-led Young Lions eye new territory
Things are looking upbeat for perennial bottom dwellers Young Lions this Singapore Premier League term with the infusion of several foreign players and seasoned campaigners.