3 ways Singapore is looking to stay afloat amidst global uncertainties

Speaking at the S Rajaratnam Lecture, Prime Minister and Minister for Finance Lawrence Wong shared some of the ways he hopes for Singapore to remain prosperous and preserve its multilateral frameworks through stewardship, integration, and partnership.

With the recent US tariff announcement taking the globe by storm, the US-China trade war is already reshaping the world we are living in and will continue to define the geopolitical landscape for years to come, Singapore's Prime Minister and Minister for Finance Lawrence Wong has affirmed.

Amidst these geopolitical realities, countries everywhere are re-examining their strategic assumptions and recalibrating its' policies, the PM said during his speech at the S Rajaratnam Lecture on 16 April 2025.

At the event, PM Wong spoke about how Singapore must navigate this uncertain and shifting landscape, affirming that despite a small nation, Singapore is not without agency.

In a Facebook post following the speech, he commented: "We will contribute actively to the global commons, champion ASEAN integration and strengthen our network of partners. By working with like-minded countries, we can help shape a future that remains stable, inclusive, and cooperative."

PM Wong also shared three thrusts that will enable Singapore to respond against economic and global uncertainty with "agility and resolve, and actively shape our own destiny." 

First, Singapore will contribute actively to the stewardship of the global commons

"Singapore has consistently played a constructive role in multilateral forums – not by grandstanding, but by building consensus and finding solutions," PM Wong shared. 

The Prime Minister cited a few avenues that Singapore has been taking to enforce supporting international law and multilateralism: 

• Nominating Ambassador Rena Lee, who successfully led UN negotiations on the High Seas Treaty on biodiversity beyond national jurisdiction, as a candidate to serve as judge at the International Court of Justice (ICJ).
• Becoming the founder and co-chair of the Friends of Covid-19 Vaccines Global Access (COVAX) Facility to promote “vaccine multilateralism”.
• Launching the Financing Asia’s Transition Partnership (FAST-P) – a blended finance platform aimed at mobilising private capital to support Asia’s decarbonisation.
• Establishing a new Development Partnership Unit in MFA – to coordinate efforts across government agencies in Singapore, strengthen collaborations, and focus on areas where Singapore can make a meaningful impact.

"Our approach is centered on supporting human capital development, which we believe is the fundamental ingredient for any country’s success," PM Wong added.

"Through these efforts, we hope to be a responsible stakeholder that helps shape a more stable, resilient and inclusive global environment."

Second, the country will champion deeper regional cohesion and integration

PM Wong shared some goals he hopes to accelerate Singapore's integration efforts: 

1. To aim for 100% tariff elimination across the region and boost intra-ASEAN trade and further reduce non-tariff barriers to make it easier for businesses to operate across ASEAN.
2. The ASEAN Digital Economic Framework Agreement (DEFA) should also be concluded, and upgrade our FTAs with key partners like China, India and the Republic of Korea.
3. The development of the ASEAN Power Grid should also be accelerated to facilitate cross-border electricity trade and help the region transition faster to green energy, draw in new investments, create better jobs, and strengthen its' collective energy security.
4. Singapore will work with the Malaysian Chair of ASEAN and its' EAS partners to translate the ASEAN Outlook on the Indo-Pacific (AOIP)s' vision into concrete projects and initiatives to bolster the relevance of ASEAN and the EAS.

"And when Singapore takes over the ASEAN chair in 2027, which will also mark ASEAN’s 60th anniversary – we will use the opportunity to deepen regional integration, and ensure that ASEAN remains a vital and credible anchor for peace and prosperity in Asia," PM Wong affirmed. 

Thirdly, we will strengthen our global network of partnerships

After talking to several counterparts from Malaysia, Japan, New Zealand, the UK and the EU, Singapore's Prime Minister shared that one thing the leaders agreed on was that the world needs more cooperation, not less.

"One idea we are pursuing is greater collaboration between the CPTPP and the EU. The UK is already in the CPTPP, and there are several economies keen to join as members." 

With the CPTPP and the EU combined representing around 30% of the world’s GDP, a formal partnership between the two entities can facilitate trade and investment flows, and help to uphold the key principles of the rules-based trading system.

Another idea is to build deeper collaboration between ASEAN and the EU on concrete projects that can help progress towards the eventual goal of an ASEAN-EU FTA, and unlock the potential of our combined market of over 1bn people.

"Beyond economic partnerships, we are deepening and expanding strategic partnerships with like-minded countries – including Australia, New Zealand, India, France, Germany, the Republic of Korea, Saudi Arabia, the UK, and Vietnam.

"We are reaching out to new frontiers in the Middle East, Africa and Latin America." 

With only two diplomatic missions serving the entire continent of Africa (in Cairo and Pretoria) and only one in Latin America, PM Wong hopes to open new diplomatic missions in Africa and Latin America over the next few years and hopes that this "will show our friends in Africa and Latin America that Singapore is keen to do more – to trade, invest and partner with them for mutual benefit."

As Singapore navigates today’s increasingly fragmented and turbulent world, Prime Minister Lawrence Wong reminds us that while “we may be an island, we cannot have an island mentality.” With no natural resources and facing uncharted waters once again, Singapore must continue to “chart our own course with courage, foresight and skill.”

He emphasised that the nation’s strength lies not only in its leaders or diplomats but in the collective spirit of its people: “Ultimately, Singapore’s survival and success in this uncertain world will not rest only on the actions of its leaders or the efforts of our diplomats abroad, capable as they are, and we do have very capable diplomats.”

"In the end, it depends on all of us as Singaporeans – our belief in our nation, and our shared sense of responsibility to protect our home and our fellow citizens."

In the face of global headwinds, he calls on Singapore to “stay united and weather the storms ahead as one people,” and to remain, as it has always been, “a safe harbour, a global emporium, and a trusted hub for all sides to engage.”

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