According to Singapore Deputy Prime Minister Gaan Kim Yong, Asia will be “a beacon of development opportunities” despite increasing the global trade tension.
“Even though some of us may not be directly affected in Asia, the impact of growing tariffs and business wars may create major disruption to supply chain, slow down trade and investment flow and return the development of the global economy.”
He said that “many of us in Asia see the tariff of President Donald Trump of concern over the three largest trading partners of America, and its plans for more, including mutual tariffs to match duties on American exports.”
The US recently imposed 25% tariff on all goods from Canada and Mexico – only Gave some of them exempted With days, together One 20% levy accumulation on all Chinese goods In less than two months.
Globally, Trump expected Introduce 25% tariff on steel and aluminum productsEffective from Wednesday.
Gan’s speech comes after America Increased tariff, then reversed course Canada’s steel and aluminum exports early Wednesday, later Ontario’s mutual energy tariff reversed Today on America.
The Deputy Prime Minister said that there is a “good reason” to remain optimistic on Asia, indicating that Asia’s economy is estimated to expand the world’s GDP from about 50%, which is up to 60% by 2030 today.
South East Asia, where Singapore is located, is expected to become the fourth largest economy in the world by 2030, he also said.
Free trade in Asia
Asia should then be deployed as “open, integrated and innovative fields for business”.
Anthem said that the goods agreement in Southeast Asia has ASEAN trade, or Etiga, which is effective since 2010.
He reported that in the agreement, six of the 10 ASEAN members, including six, including Singapore, have been seen to end import duties on almost all tariff lines, and the remaining four have reduced their import duties, which is between 0% and 5% at about 99% of their tariff lines.
GAN also stated that ATIGA is in the process of upgrading to reduce barriers, involving permanent trade processes and addresses new aspects of business, such as digital and green economy, as well as supply chain flexibility.
“Singapore lies deeply and has been invested in the development of Asia. We believe Singapore will do well when our region will do well.”
Gan kim yong
Deputy Prime Minister of Singapore
He said, “This will not only promote intra-assay trade, but will also help create a strong supply chain within ASEAN to reduce risks with external shocks and protectionist measures,” he said.
For the broader Asian region, Anthem said that there are other trade agreements, such as ASEAN established six ASEAN Plus free trade sector agreements, including Australia, New Zealand, China and India.
This is also addition to this Regional comprehensive economic participationWhich anthem described the song “the largest free trade agreement in the world”. RCEP includes 10 ASEAN countries as well as Australia, Japan, South Korea, China and New Zealand.
GAN said that on average, 92% of the tariffs on 92% of the products have been terminated within the RCEP.
“Together, these overlapping agreements, whether Atiga, ASEAN Plus or RCEP, show our collective commitment to maintain an open, inclusive and rule-based multilateral trade system,” he said.
