Singapore well placed to weather global supply chain shake-up: Gan

WASHINGTON-A shake-up of global supply chains is under way but trust in Singapore will ensure that there remains a place for the Republic in any new configurations that emerge, said Singapore's Trade and Industry Minister Gan Kim Yong in a media interview.

- Bhagyashree Garekar

"Don't get me wrong, there will be challenges ahead," Mr Gan told Singapore's media in an interview on May 1 at the end of his four-day official visit to Washington, where he participated in events commemorating 20 years of a landmark free trade agreement (FTA) with the United States.

"The world is very different from when we started with the FTA 20 years ago. But trade will continue to be an important part of the global economy that will allow goods to be transferred and business to be done," he said, smiting the doom scenario about trade that has gained traction today.

Neither President Joe Biden nor his Republican rival Donald Trump has displayed much enthusiasm for trade ahead of the US' Nov 5 presidential election.

"It may not be the same as 20 years ago; a lot more attention is being paid today to national security, to supply chain resilience," said Mr Gan, in a reference to the heightened geopolitical rivalries and protectionist policies that have hurt global trade prospects.

"So, there will be a restructuring and repositioning of the trade and supply chain network. And in the process, there will be opportunities," he said.

Singapore, a global hub of trade, tourism, financial services, data flows and many other activities, will not suffer if it manages to leverage its reputation as a predictable and enabling environment for business, said Mr Gan.