At WEF in Tianjin, Singapore PM Wong calls for ‘flexible multilateralism' amid weakening global rules, US tariffs, and rising tensions
Speaking at the World Economic Forum's Annual Meeting of the New Champions in Tianjin, Wong emphasised that while reforming global trade rules and improving multilateral systems is challenging, 'there is no alternative' to sustained international cooperation, according to a report in The Straits Times.
He proposed 'flexible multilateralism', where like-minded countries could initiate collaboration, allowing others to join when ready, during a dialogue with WEF president Borge Brende.
Wong noted that post-Cold War globalisation had spurred integration, but recent years have seen rising discontent, amplified by the Covid-19 pandemic and global security concerns.
He warned that global institutions and norms are weakening, with economic nationalism increasingly replacing cooperative international engagement.
'Unfortunately, the world is changing,' he said. 'We see over the years, more pressures, discontent against globalisation has risen.'
This trend poses particular risks to small countries like Singapore, which have limited leverage and could be sidelined in global decision-making, he said.
However, even larger nations would struggle to address common challenges such as pandemics, climate change, and financial instability in the absence of multilateral cooperation, he added.
Wong cited the World Trade Organisation as an example of a system in need of reform, especially in light of developments like digital trade, but stressed the solution lies in updating—not abandoning — global rules.
He highlighted Singapore's role in co-convening the Joint Statement Initiative on E-Commerce with Australia and Japan, which led to more than 70 countries agreeing on new digital trade rules after five years of negotiations.
Commenting on the 10 per cent US tariffs imposed on Singapore, Wong said the trade balance favours the US and that a zero tariff should apply under the free-trade agreement, but acknowledged that 10 per cent is likely America's baseline.
Wong added that Singapore is engaging US officials and hopes the tariffs on Southeast Asian countries will be adjusted closer to this level.
On managing ties with both the US and China, he said Singapore maintains 'broad and substantial' relationships with both and focuses on advancing its own national interests.
'It's not about balancing between the two superpowers,' he said. 'It's about being consistent and principled in promoting Singapore's interests.'
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