Strengthening supply chain resilience key to advancing monetary integration: FM Balakrishnan
24 June, 2021
Singapore Foreign Minister Vivian Balakrishnan has stressed the value of advancing monetary integration and maintaining trade and investment flows by strengthening supply chain resilience.
Dr Balakrishnan was speaking at the virtual Asia and Pacific High-Level Conference on Belt and Road Cooperation on Wednesday (Jun 23).
The video conference, chaired by China's State Councilor and Minister of Foreign Affairs Wang Yi, was attended by 29 countries.
"Between the many disruptions due to COVID-19, having stable and resilient supply chains remains key to ensuring the continued flow of essential goods and medical supplies," said Dr Balakrishnan.
He cited the China-Singapore (Chongqing) Connectivity Initiative-New International Land-Sea Trade Corridor (CCI-ILSTC) as an example of fostering greater connectivity across and beyond the Belt and Road.
The CCI-ILSTC is a key initiative beneath the CCI, Singapore’s third Government-to-Government project with China.
Dr Balakrishnan said that it has tested itself to become a viable and effective alternative trade route, seeing a 30 % year-on-year increase in cargo flows this past year, amid the COVID-19 pandemic.
"It is well positioned to help expand enhance connectivity across and beyond the Belt and Road," he said.
VACCINE MULTILATERALISM AND CLIMATE CHANGE
Dr Balakrishnan also emphasised Singapore’s strong support for vaccine multilateralism and commitment to tackling the COVID-19 pandemic, stating that fair and equitable distribution of vaccines is essential for a global recovery.
"We have also begun discussing with many partners, including China, the mutual recognition of health certificates, so as to facilitate the safe resumption of travel, which we believe is vital for a sustainable global recovery," he said.
On climate change, Dr Balakrishnan said the world should never lose sight of it, describing it as an existential threat.
"In fact, I can let you know from personal experience, the Paris Agreement was a key consequence of great collaboration among america, China, Europe, and all of those other world," he said.
"We believe that most of us need to seize the opportunity presented by COVID-19 to generate a global reset to attain a far more sustainable future."
Dr Balakrishnan highlighted the Singapore Green Plan 2030, which outlines a whole-of-nation method of sustainable development.
He said that Singapore is focused on dealing with partners in areas such as green finance and clean energy solutions, and believes there are many opportunities for partners to work constructively together on ground breaking and sustainable solutions.
"The decisions we make on green recovery today will have profound long-term implications on future generations," said Dr Balakrishnan.
Source: www.channelnewsasia.com
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