Mr Lee Hsien Loong was speaking on the opening day of Singapore Maritime Week, which is held at the Suntec Singapore Convention and Exhibition Centre.
cards interface. Give it a try.SINGAPORE: Given heightened strategic tensions and policy uncertainty, it cannot be assumed that global trade will continue to keep up with the world's gross domestic product , said Senior Minister Lee Hsien Loong on Monday .
"Naturally, our hope is that whatever the uncertainties and turbulence ahead, world trade will continue to grow, not just to sustain the maritime industry, but to enable more productive and prosperous lives for the peoples of the world." But it is a different world today, he said, with attitudes towards trade having changed, and patterns of trade flows shifting."Some big powers are adopting a more transactional, sometimes coercive approach to achieve immediate objectives, and giving less weight to more indirect and longer-term benefits," he said.
“But while trade faces significant headwinds, globalisation is unlikely to completely reverse itself,” said Mr Lee. “Make our economy, and our maritime industry, more efficient, more competitive, more trusted, so that whatever the state of the world, others will still want to trade and do business here, and we can continue to make a living for ourselves.”"Being so small, we have no choice. But we are not alone.
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