ASEAN should 'double down' on its integration amid Trump tariff threat: Vivian Balakrishnan
Speaking to members of the media on the sidelines of the 58th ASEAN Foreign Ministers' meeting and related meetings in Kuala Lumpur, Dr Balakrishnan said ASEAN needs to ensure "we have really removed every tariff and non-tariff barrier and optimise our competitive position".
"That's a path of no regret, and I would say the urgency and the salience of doing it now is so much more obvious," he added.
Earlier this week, Trump announced new import tariffs of up to 40 per cent on certain countries.
Letters sent to 14 countries, mainly in Asia, outlined that tariffs will take effect on Aug 1 unless deals are struck with the US beforehand.
Singapore is not among the 14 nations that were issued these letters.
However, other Southeast Asian countries, including Indonesia, Laos, Malaysia, Myanmar, and Thailand, face duties ranging from 25 to 40 per cent.
In Southeast Asia, trade is strategy, so the flow of trade and investments is a "key strategic focus" of all governments in the region, Dr Balakrishnan said.
"Our primary success has been first maintaining peace, and second, economic integration and expanding economic opportunities."
THAILAND-CAMBODIA TENSIONS
Addressing the Thailand-Cambodia border row, Dr Balakrishan said that the two countries need "some time in some secure, quiet channels to let diplomacy work".
Having excessive publicity or having people respond through media conferences or social media has "never been a good formula to resolve difficult, sensitive, delicate issues", he said.
The Southeast Asian neighbours have been at loggerheads since a Cambodian soldier was killed in late May as troops exchanged fire in a disputed border region.
Given that border disputes and delimitation are "very difficult" and take a "very long" time to solve, Dr Balakrishanan reminded diplomats to be patient.
"Don't look for a quick, overnight solution. In the meantime, don't make things worse. Don't aggravate, don't inflame the situation."
NEW INITIATIVES TO HELP PALESTINE
Also speaking at the Fourth Conference on Cooperation Among East Asian Countries for Palestinian Development (CEAPAD) ministerial meeting on Friday, Dr Balakrishnan announced that Singapore will launch two initiatives in 2026 to expand support for Palestinians.
Together with the Japan International Cooperation Agency, Singapore will run a training programme on community policing for the Palestinian Civil Police Force.
Singapore will also organise a young leaders' programme to share Singapore's experience in governance and public administration with emerging Palestinian leaders.
"Singapore hopes that our collective efforts at this CEAPAD meeting will strengthen the Palestinian Authority and help prepare the Palestinian people for a state of their own," he said.
Israel launched its campaign in Gaza in retaliation to an attack by Hamas militants on Oct 7, 2023. Over 1,000 people were killed on that day, according to Israeli figures.
"We urgently reiterate our call for an immediate ceasefire, the unconditional release of all hostages, and the swift and unimpeded delivery of humanitarian aid and support for UNRWA (United Nations Relief and Works Agency for Palestine Refugees). We need to alleviate, urgently, the suffering of the civilians in Gaza," Dr Balakrishnan said.
"Thereafter, a permanent ceasefire is needed so that reconstruction can begin. Gaza's needs will be massive," he added.
When asked by the media if the Singapore Armed Forces (SAF) would be deploying further medical assistance to aid the situation in Gaza, Dr Balakrishann said that the SAF has done some "initial scoping studies" to see how medical assistance can be provided directly.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
3 minutes ago
- Business Times
US regulators to play key role in next crypto, bank fight
[WASHINGTON, DC] A major battle between crypto firms and traditional lenders over interest and bank charter applications is poised to be decided by regulators appointed by US President Donald Trump, who has been a vocal supporter of digital currencies. The Genius Act, which requires stablecoin issuers to formally register and hold dollar-for-dollar reserves, sets in motion a rule-writing process with US regulators that will determine what qualifies as generating interest on stablecoins and how far they can go in acting like a traditional bank. Trade groups, though, are already pushing back against attempts to grant bank charters to crypto firms and find workarounds for yield-generating stablecoins. 'There's a huge fight brewing between the banks and the non-bank stablecoin issuers,' said Caitlin Long, founder of Custodia Bank, a provider of digital-asset services. During the first Trump administration, the Office of the Comptroller of the Currency (OCC) sought to expand the services a trust bank can provide, with some saying it could include potentially making loans and settling payments. This summer, crypto firms including Circle Internet Group and Ripple Labs have applied for national trust bank charters and the current slew of applications is now a test of that OCC interpretation. Some trade groups opposed the move in July, arguing that the OCC should not have made the determination without public comment and that the move is a 'loophole' for trust banks to take advantage of the benefits of traditional banks without corresponding regulation. 'If the applicants are successfully able to establish themselves as national trust banks that do not primarily provide fiduciary services, but instead provide traditional banking services like payments, then, as the associations anticipated in 2021, other companies will follow, presenting material risk to the US banking and financial system,' the groups wrote in a July letter. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A spokesperson for the OCC declined to comment. For crypto firms, these charters could provide a multitude of benefits, including no longer having to apply for licences state-by-state to do business and a stronger degree of legitimacy. 'It's the momentum that we need as a country to push forward,' said Stuart Alderoty, chief legal officer of Ripple and president of the National Cryptocurrency Association. 'It's a good thing for the Americans who already own crypto and for those who are crypto curious.' The trust bank charter provides an avenue for crypto firms to better compete against banks that have long existed in the space, according to Long. 'If the OCC gives these trust charters rather than full bank charters, these banks will have 10 to 15 per cent of the capital requirements of being a fully fledged bank and are not subject to all the regulations that apply to banks,' Long said. 'If the OCC is basically back door slashing the capital requirements and the regulations on banks, why wouldn't the banks convert to trust companies instead of being a bank as well.' For banks, the entrance of these firms into traditional finance is both an opportunity for collaboration and intense competition. Nathan McCauley, the head of Anchorage Digital, said traditional finance dramatically increased its outreach to his company and others in the run-up to the passage of the crypto legislation. Some of the nation's largest banks have since announced partnerships with digital asset firms, including JPMorgan Chase and Coinbase Global reaching a deal to directly link customers' bank accounts to their cryptocurrency wallets. But the bank industry is also nervous about competing with the crypto industry, which has a different approach to innovation compared with traditional financial institutions. 'This is an industry that doesn't think it needs to wait for rules, unlike the banking industry,' said Karen Shaw Petrou, a managing partner of Federal Financial Analytics, where she analyses financial firms, including lenders. 'Stablecoin issuers just go for it and that's going to unsettle the banks more than probably anything.' Crypto firms are also looking at ways to generate fresh monetary benefits tied to stablecoins after the banking lobby successfully pushed for a ban on issuers providing interest to their customers under the Genius Act. The digital asset is primarily used by traders to get in and out of other cryptocurrencies, but is also increasingly used for payments. When that asset is not actively part of a payment, it sits in an account, and companies are now not allowed to offer users yield for depositing their tokens into yield-bearing accounts. 'Banks, and lawmakers who receive donations from banks, are very concerned that a yield-bearing stablecoin that blurs the line between savings vehicle and a payment vehicle makes it much less attractive to have a checking account,' said Zach Shapiro, head of policy at the Bitcoin Policy Institute. Companies are now looking to expand stablecoin offerings as regulators begin the process of explicitly defining what interest looks like in the space and what is permissible for companies. Recently, Circle announced a partnership with Binance for an off-exchange collateral where customers can park their money when they are not making a payment. The largest US crypto exchange, Coinbase, already offers a rewards programme for certain consumers, which some in the banking industry argue could potentially be illegal under the no-interest provisions of the Genius Act. Coinbase disagrees, saying the programme has been tailored to be in compliance with the law. 'The statutory language is vague and has room for exception, but that's when the fun starts,' Petrou said. BLOOMBERG
Straits Times
2 hours ago
- Straits Times
While You Were Sleeping: 5 stories you might have missed, Aug 10, 2025
Sign up now: Get ST's newsletters delivered to your inbox Europe, Ukraine press US ahead of Trump-Putin talks European officials presented their own Ukraine peace proposals to the United States on Aug 9 as President Donald Trump prepared for talks with Russian President Vladimir Putin on ending the war. Mr Trump announced on Aug 8 that he would meet Mr Putin in Alaska on Aug 15, saying the parties, including Ukrainian President Volodymyr Zelensky, were close to a deal that could resolve the three-and-a-half-year conflict. Details of the potential deal have yet to be announced, but Mr Trump said it would involve 'some swopping of territories to the betterment of both'. It could require Ukraine to surrender significant parts of its territory - an outcome Kyiv and its European allies say would only encourage Russian aggression. US Vice-President J.D. Vance met Ukrainian and European allies in Britain on Aug 9 to discuss Mr Trump's push for peace. READ MORE HERE UK police arrest hundreds at rally for banned group PHOTO: EPA Police in London arrested at least 466 people on Aug 9 for supporting Palestine Action, at the latest and largest protest backing the group since the government banned it in July under anti-terror laws. The Metropolitan Police said it made the hundreds of arrests, thought to be one of the highest ever at a single protest in the UK capital, for 'supporting a proscribed organisation'. Top stories Swipe. Select. Stay informed. Singapore Profile of Kpod user has shifted from hardcore drug users to young people: Experts Singapore 4 men arrested after police search operation in forested area near Rail Corridor Singapore SAF regular serviceman dies after being found unconscious at Hendon Camp swimming pool: Mindef Opinion Recognising our imperfections is part of what makes Singapore whole Business Are you set to retire comfortably in Singapore? Singapore E-bike rider arrested for rash act causing hurt after accident with pedestrian in Toa Payoh Singapore Man arrested for allegedly stealing from business class passenger on flight to Singapore Asia Manila struggles to keep a lasting hawker culture, casts eyes on how Asian nations lifted street food The government outlawed Palestine Action in early July, days after it took responsibility for a break-in at an air force base in southern England that caused an estimated £7 million (S$12 million) of damage to two aircraft. READ MORE HERE UN plastic pollution treaty talks floundering PHOTO: EPA Talks on forging a groundbreaking treaty to combat the scourge of plastic pollution were floundering on Aug 9, with progress slow and countries wildly at odds on what the proposed agreement should cover. The negotiations, which opened on Aug 5, have four working days left to strike a legally-binding instrument that would tackle the growing problem choking the environment. But in a blunt mid-way assessment, the talks chairman warned the 184 countries gathered at the United Nations in Geneva that progress so far was well off track. READ MORE HERE Four astronauts home from International Space Station An international crew of four astronauts is back home on Earth on Aug 9 after nearly five months aboard the International Space Station, returning safely in a SpaceX capsule. The spacecraft carrying US astronauts Anne McClain and Nichole Ayers, Japan's Takuya Onishi and Russian cosmonaut Kirill Peskov splashed down off California's coast at 8.44am local time (11.34pm in Singapore). Their return marks the end of the 10th crew rotation mission to the space station under Nasa's Commercial Crew Programme, which was created to succeed the Space Shuttle era by partnering with private industry. READ MORE HERE Salah criticises Uefa tribute to 'Palestinian Pele' Liverpool forward Mohamed Salah on Aug 9 criticised Uefa's tribute to the late Suleiman Al-Obeid, known as the 'Palestinian Pele,' after European soccer's governing body failed to reference the circumstances surrounding his death this week. The Palestine Football Association said that Al-Obeid, 41, was killed by an Israeli strike targeting civilians waiting for humanitarian aid in the southern Gaza Strip on Aug 6. In a brief post on the social media platform X, Uefa called the former national team member 'a talent who gave hope to countless children, even in the darkest of times'.
Straits Times
2 hours ago
- Straits Times
White House considering inviting Ukraine's Zelensky to Alaska, NBC News reports
Sign up now: Get ST's newsletters delivered to your inbox Ukrainian President Volodymyr Zelensky meeting front-line infantry soldiers at an undisclosed location in Ukraine's Kharkiv region, on Aug 4. WASHINGTON - The White House is considering inviting Ukrainian President Volodymyr Zelensky to Alaska, where President Donald Trump is scheduled to meet Russian President Vladimir Putin on Aug 15, NBC News reported on Aug 9. The report cited a senior US official and three people briefed on the internal discussions. 'It's being discussed,' one of the people briefed on the talks was quoted as saying. The report added that no Zelensky visit was finalised and that it's unclear if the Ukrainian leader would ultimately be in Alaska for meetings but it remained a possibility. REUTERS
