Multilateralism can evolve to be more flexible, says PM Wong at WEF event

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 the future.

- Yew Lun Tian

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 the future.

“This is what we call a flexible multilateralism,” Prime Minister Lawrence Wong said in a dialogue at a World Economic Forum (WEF) event in Tianjin, China, on June 25.

“Starting (by) first laying the building blocks, and eventually others can join, and we can steer progress in the right direction,” he said, adding that the efforts should be open and inclusive.

He urged countries to update, evolve and improve the multilateral 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 those from China.

The US has imposed a 10 per cent baseline 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 PM Wong in his opening remarks during the dialogue.