Singapore can no longer assume open markets, globalisation part of ‘natural order’ after COVID-19 accelerated geo-political trends: Teo Chee Hean

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Singapore can no longer assume open markets, globalisation part of ‘natural order’ after COVID-19 accelerated geo-political trends: Teo Chee Hean
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JUST IN: Singapore can no longer assume that open markets and globalisation are part of the “natural order” – Teo Chee Hean on geo-political impact of COVID19

SINGAPORE: Singapore can no longer assume that open markets and globalisation are part of the “natural order” of things after COVID-19 sped up pre-existing geo-political trends, said Senior Minister Teo Chee Hean on Thursday .

“Generations of Singaporeans have grown up believing that globalisation and open markets are part of the natural order of things. We can no longer assume that this is so,” said Mr Teo.READ: A stronger and better Singapore will emerge from COVID-19 crisis despite 'immense challenges': PM Lee “We hope that the major powers will exercise leadership to help the world overcome COVID-19. This will set the tone and lay the foundation, beyond COVID-19, for a renewed open, united and inclusive world,” he said.

“And until we can resolve them, we must manage and contain the bilateral problems, so that we can work on wider areas of cooperation for mutual benefit." “Singapore can hold its own in the world, only if we are strong, successful and united at home. Only then can our diplomats speak with a credible voice,” said Mr Teo. “We can face the world outside with confidence only if we are strong inside.”

For one, COVID-19 has underscored the need to build reserves and resilience to respond to unexpected crises, said Mr Teo. In addition, the Singapore Armed Forces and Home Team established the joint task forces within days, to support Ministry of Manpower and Ministry of Health personnel already on the frontlines, said Mr Teo.

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