Abuse, Neglect of Multilateral Trading System will Benefit Few: Tan Chuan-Jin



The Business Times

Given the complex interdependence of economies around the world, abuse and neglect of the multilateral trading system will benefit few, said Speaker of Parliament Tan Chuan-Jin on Tuesday.

Countries must continue updating this system as new frontiers in trade in services continue to grow, and economies increasingly transition to digital ones, he added in his opening address at a three-day workshop for regional Parliamentarians.

Noting that small and open markets such as Singapore have done well due to a rules-based system, he said its deterioration obstructs others who are considering similar trade-based growth.

The current situation fosters an unpredictable business environment and raises inter-state tensions as well, said Mr Tan at the event organised by the S Rajaratnam School of International Studies (RSIS) and the World Trade Organization (WTO).

[To read the original article, click here.]