PM Lawrence Wong: Trade Is Here to Stay Despite Global Shifts
Despite growing global trends toward self-sufficiency, trade will continue to be essential, said Singapore Prime Minister Lawrence Wong at the World Economic Forum’s (WEF) “Summer Davos” in Tianjin on June 25.
Speaking at the Annual Meeting of the New Champions, PM Wong emphasized that while trade patterns may evolve due to geopolitical and economic shifts, the idea of nations operating in complete self-reliance is unrealistic.
“No country can be completely self-sufficient,” Wong said. “Trade will still exist – though the patterns will change.”
Acknowledging Change: New Trade Configurations and Supply Chains
Prime Minister Wong acknowledged that traditional models of globalization are under pressure. However, he stressed that trade will adapt to new realities:
- Trade growth may slow, compared to decades past
- Supply chains will reconfigure, often driven by security, resilience, and strategic interests
- New trade routes and partnerships will emerge in response to changing geopolitical dynamics
He noted that the future of trade will be shaped by a combination of economic pragmatism and technological advancement.
Flexible Multilateralism Is Key
Wong also introduced the concept of “flexible multilateralism”—also known as plurilateralism—as a practical alternative in today’s fractured global landscape.
“We can’t always get a global consensus on everything,” he said. “But that doesn’t mean we should do nothing.” In cases where broad multilateral agreements aren’t possible, smaller groupings or regional coalitions can still make meaningful progress.
This pragmatic approach has been a hallmark of Singapore’s foreign policy, as the country seeks to remain connected and resilient amid growing geopolitical fragmentation.
Growth Drivers of the Future: Tech and Sustainability
Looking ahead, Wong said technology and sustainability will drive the next era of global economic growth:
- Digital innovation, AI, and automation are transforming industries
- Green transition and climate-focused investments are becoming integral to competitiveness
These forces, he noted, will shape future trade flows, investment decisions, and international cooperation frameworks.
A Global Outlook from Singapore
PM Wong’s comments reflect Singapore’s continued commitment to global trade and open markets, even as countries around the world reassess economic dependencies.
His message to business and political leaders at the WEF was clear: trade remains vital, but its form must evolve with the times.
