Latest news with #SERT
Straits Times
2 days ago
- Business
- Straits Times
Acting Transport Minister Jeffrey Siow, SBF chair Teo Siong Seng join Economic Resilience Taskforce
Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the Singapore Economic Resilience Taskforce. PHOTO: BT FILE SINGAPORE - Changes have been made to the composition of the Singapore Economic Resilience Taskforce (SERT) following the new Cabinet line-up announced on May 21. Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow has joined the task force, while Minister for Education and Minister-in-charge of Social Services Integration Desmond Lee will leave SERT. Newly elected Singapore Business Federation (SBF) chairman Teo Siong Seng will replace former chairman Lim Ming Yan as SBF's representative. The changes will take effect immediately, said the Ministry of Trade and Industry, the SBF, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release on May 27. Deputy Prime Minister Gan Kim Yong, who chaired the task force, said: 'SERT's mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade.' The other members of the task force include: Minister for Digital Development and Information Josephine Teo Minister for Manpower and Minister-in-charge of Energy and Science & Technology Tan See Leng Minister for National Development Chee Hong Tat NTUC secretary-general Ng Chee Meng SNEF president Tan Hee Teck The task force was announced by PM Wong on April 8, after US President Donald Trump on April 2 said he would impose sweeping tariffs on all imports, including goods from Singapore. DPM Gan first hinted of possible changes to SERT's composition on May 16 while updating the media about its progress on trade talks with the US. He said while a 10 per cent baseline tariff on Singapore remains non-negotiable, there is hope that the Republic may be spared from an upcoming sectoral levy on its pharmaceutical exports. He added the Government is ready to enhance existing schemes to help workers and businesses if the global economy weakens further due to tariff-induced uncertainties. Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
2 days ago
- Business
- CNA
Jeffrey Siow to join task force on US tariffs, Desmond Lee to step off after Cabinet changes
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) announced changes to its line-up on Tuesday (May 27). Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the taskforce, while Minister for Education Desmond Lee will leave SERT. Newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng will also replace former chairman Lim Ming Yan as the SBF representative. The changes will take effect immediately, said the SBF, the Ministry of Trade and Industry, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release. All other members of SERT will remain the same. The task force was formed in April to help businesses and workers tide through tariffs imposed by the United States. Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members: The task force's composition was adjusted following the recent Cabinet and SBF council appointments, Mr Gan said. 'SERT's mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade,' he added.
Independent Singapore
20-05-2025
- Business
- Independent Singapore
Singapore in talks with banks to boost business financing amid tariff woes
SINGAPORE: Singapore is in talks with banks to improve financing schemes for local businesses after they expressed concerns over cancelled or delayed orders and worries about receiving payment from their customers amid ongoing trade tensions. According to the Singapore Business Review, on Friday (May 16), Deputy Prime Minister Gan Kim Yong said at the media doorstop of the Singapore Economic Resilience Taskforce (SERT) that they are talking to the banks and reviewing various financing schemes already in place to see whether they are adequate and if there is room to enhance them. He added that they are preparing schemes that can be rolled out, if needed, to help companies address their specific areas of concern. Mr Gan explained that some orders had been delayed or cancelled, which would affect their revenue and cash flow. He noted that some businesses were concerned about their working capital, adding that these were the immediate issues they wanted to address. See also Singapore sells Australia petrol at $0.45/L While Mr Gan called the recent decision by the US and China to cut tariffs an encouraging development, he said this is just the starting point and the outlook remains 'very uncertain,' especially at the end of the 90-day U.S. reciprocal tariff pause. He said, 'I think the journey will be quite long. It will take time for the two countries to come to an agreement with one another; whether they will eventually be able to come to an agreement is, again, uncertain.' Mr Gan said SERT has been working with local businesses to help them prepare for the impact of tariffs. They have also spoken to workers and households, who raised concerns about job security and the rising cost of living. He added that the focus for workers is on creating more job opportunities. The government has already launched training programmes and is involving schools in providing job placement support. The government recently rolled out a new S$500 tranche of CDC vouchers to support households. Mr Gan said this would help Singaporean households cope with an economic slowdown. /TISG Read also: Regional and domestically exposed sectors replace US export-oriented stocks in RHB's Top 20 Small Cap Jewels 2025 Featured image by Depositphotos (for illustration purposes only)
Malay Mail
16-05-2025
- Business
- Malay Mail
Singapore DPM: Asean set to conclude Atiga talks by month's end to lower tariffs, remove trade barriers
SINGAPORE, May 16 — Negotiations to upgrade the Asean Trade in Goods Agreement (ATIGA), chaired by Singapore, are nearing completion and expected to conclude by the end of this month, said Singapore Deputy Prime Minister Gan Kim Yong. Gan, who is also the Minister for Trade and Industry, said the move reflects Asean's strong commitment to deeper integration and regional cooperation. He said the upgrade seeks to further lower tariffs and remove non-tariff barriers to facilitate trade among Asean member countries. 'We are close to concluding the negotiation of ATIGA. This is an important step forward that will signal to the world that we continue to want to be able to work with one another, we continue to trade with one another and we continue to push ahead with Asean integration,' he told a media doorstop on Friday. He noted that there is also discussion among Asean members on the possibility of strengthening partnerships with other organisations such as the European Union and the Gulf Cooperation Council (GCC). Gan who is also the chair of the Singapore Economic Resilience Taskforce (SERT) also reiterated Singapore's commitment to deepening its partnership with like-minded partners, especially Asean, as part of the country's long-term approach to navigating uncertainties and enhancing economic resilience following the US tariffs. He said Singapore would continue to strengthen and deepen partnerships, including through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), to open up more opportunities. Meanwhile, Gan said Singapore is currently focusing its negotiations with the US on sectoral tariffs, such as pharmaceuticals, as Washington is not likely to back down on the 10 per cent baseline tariffs it has set on most countries, including Singapore. He said the negotiations include potential concession for Singapore or preferential tariffs—possibly even zero tariffs—for pharmaceutical exports to the US. Gan noted that since US imports to Singapore already enjoy zero tariffs, the United States is likely to focus on facilitating smoother trade flows and enhancing the security of supply chains. The US had previously announced its intention to introduce tariffs on sectors such as pharmaceuticals and semiconductors. Meanwhile, Gan said the outlook remains uncertain for Singapore and the global economy despite positive developments from the US-China trade talks. 'What will happen at the end of the 90 days is still a big question mark, it is yet to be known, and whether the negotiations with the other countries will progress smoothly, whether they will eventually settle at a level that is mutually agreeable and workable is something yet to be seen,' he said. — Bernama
AsiaOne
16-05-2025
- Business
- AsiaOne
Singapore must remain 'key node' in global supply chains amidst uncertainty: Chee Hong Tat, Singapore News
Minister for Transport Chee Hong Tat said that Singapore must remain a "key node" in the global supply chain amid ongoing uncertainty. Speaking to media at PSA Pasir Panjang Terminal on Friday (May 16), Chee said that despite greater turbulence, uncertainty and shifts in the world, Singapore's container volumes have grown by 6.1 per cent during the first four months of 2025, compared to the same period last year. Singapore handled 14.2 million twenty-foot equivalent units (TEUs) – which is a measure of cargo capacity – from January to April this year. "Container (throughput) has remained strong despite what's happening," he said, adding that this is something he hopes can continue. Chee added that companies have boosted trade activity in recent months due to the pause in higher tariff rates and this increase in activity has benefitted Singapore. "There is actually a boost in terms of companies trying to do some front loading and catching up, trying to make full use of this window," he said. On Monday, United States and China agreed to pause the massive tariffs they imposed on each other's goods for 90 days. The US also shaved its earlier tariff of 145 per cent on Chinese goods to 30 per cent on May 12 after a temporary deal for 90 days was brokered after talks in Geneva. Chee also said: "I think we will have to stay very nimble, keep in close contact with our key customers." "No matter how global supply chains were to shift, what's key is for Singapore to remain an important hub port and a key node in the global supply chain." He continued that while companies may shift the origin, destination or the way cargo is transported, the Government wants to ensure Singapore puts forth a strong value proposition to its customers. This is so that no matter how these shifts happen, companies will still want to pass through Singapore. "So yes, there will be negative impact in some areas, on some sectors, but there could be new opportunities too," he said, adding that the government will intervene to help local companies and workers where necessary. Chee, who is part of the new Singapore Economic Resilience Task force (SERT), also said that the uncertain trade situation is being closely watched. [[nid:716763]] "Part of the work in this task force is also to identify and seize these new opportunities," he said, adding that a further update will be given by SERT chairman Deputy Prime Minister Gan Kim Yong. Autonomous vehicles in trial phase On Friday, Chee was also given a tour of PSA Singapore's new Autonomous Prime Movers (APM), which are currently being tested. The APMs come from two vendors: Venti Technologies and Westwell, and use artificial intelligence to transport containers around Pasir Panjang Terminal. Being fully automated allows them to generate a route and follow it when given a destination. During this trial period, movers are monitored by PSA personnel from a control room, who can intervene remotely should any technical issues arise. PSA Singapore will be hiring more than 2,500 employees this year in different roles such as frontline port operations, IT and data science. These jobs will be created to support its growth and expansion such as operations in the new Tuas Port, which currently has 11 berths in operation. One more berth is planned by the end of this year, four more in 2026 and a further two in 2027, said Chee. When fully completed in the 2040s, Tuas Port will have a handling capacity of 65 million TEUs. Global maritime sector to face choppy waters: SM Lee While speaking at the Singapore Maritime Lecture on March 24, Senior Minister Lee Hsien Loong said that choppy waters lie ahead for the global maritime sector due to geopolitical tensions and climate change straining the world's trade system. However, globalisation is unlikely to completely reverse itself. "The world still needs to trade, and countries still need to do business with one another," said SM Lee. He explained that trade is "existential" for Singapore, as the maritime sector is a major part of the nation's economy, contributing to over six per cent of its gross domestic product and about 140,000 jobs. "Being so small, we have no choice. But we are not alone. Even with globalisation in retreat, many countries still believe that trade can be a win-win proposition, and want to preserve as much of the benefits of the multilateral trading system as possible," SM Lee said.
