Multilateralism will need to evolve to become more flexible says PM Wong at WEF

TIANJIN – With global rules weakening and economic nationalism on the rise, Singapore is proposing a workaround of getting like-minded countries to cooperate on specific issues, while leaving the door open for others to join in future.

“This is what we would call a flexible multilateralism,” Prime Minister Lawrence Wong said during the question-and-answer segment of a World Economic Forum (WEF) event on June 25 in Tianjin, China.

“It is not about an ad-hoc array of different rules but starting first laying the building blocks, and eventually others can join, and we can steer progress in the right direction.”

PM Wong added: “Whatever we do, it is open, it is inclusive. Others may not be ready to join, but in time to come, they can join and we can multilateralise these efforts.”

He called for countries to find ways to evolve the multilateralism system, rather than abandon it altogether.

The American-led post-war global order which had allowed for free trade and prosperity for countries big and small has come under threat with the US imposition of high tariffs on goods from much of the world, especially from China.

The United States has imposed a 10 per cent tariff on Singapore, even though it has a Free Trade Agreement and a trade surplus with the Republic.

“For small countries like Singapore, we are worried because we have limited options, we have limited bargaining power, and we risk being marginalised,” said Mr Wong in his opening remarks during the dialogue.

He said bigger countries will also find it hard to deal and operate in the new environment, because it will be harder for the world to address common threats, such as pandemics, climate change or financial shocks.

In response, Singapore will still strive to bring people together, promote integration, bring down barriers