Mechanisms in FIT-P to Address Protectionism from Major Economies
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Mr Gerald Giam Yean Song’s inquiry regarding the Future of Investment and Trade (FIT) Partnership’s mechanisms to counter protectionism and the timeline for scaling its initiatives into multilateral frameworks. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong explained that the partnership unites trade-dependent nations to develop concrete initiatives for supply chain resilience and trade facilitation. Its outcome-oriented governance allows subsets of members to progress on shared interests without needing consensus from all participants, ensuring faster results. Singapore will host the first Ministerial meeting in November 2025 to formalise work programmes and adopt deliverables developed alongside the private sector. These initiatives are intended to be eventually scaled to wider platforms like the World Trade Organization to demonstrate that multilateral cooperation remains effective.
Transcript
42 Mr Gerald Giam Yean Song asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Future of Investment and Trade Partnership (FIT-P) has any mechanisms to address the growing trend of protectionism from major economies; (b) how will the Ministry work to ensure it is more than a discussion forum and can achieve tangible results; and (c) what is the timeline for its initiatives to produce concrete outcomes that can be scaled up to multilateral frameworks.
Mr Gan Kim Yong: The Future of Investment and Trade (FIT) Partnership was launched on 16 September 2025. It seeks to address today's climate of rising protectionism in three ways. First, it brings together like-minded small, medium and trade-dependent countries to uphold the rules-based multilateral trading system and ensure that trade remains fair and open. Second, it will develop concrete initiatives that strengthen supply chain resilience, facilitate trade and investment, and support inclusive growth, both amongst its members and with partners beyond. Third, it will advance a positive trade agenda to demonstrate that multilateral cooperation can deliver tangible outcomes.
To ensure that the FIT Partnership meets its objectives, its governance structure has been designed to be outcome oriented. A key feature is the ability for subsets of members to move ahead on issues of common interest without necessitating the participation of all members. This will allow the group to progress quickly on initiatives with shared interest, without being held back by protracted negotiations. The FIT Partnership will also work with the private sector to ensure that initiatives address real business challenges and deliver practical impact.
Singapore will host the first FIT Partnership Ministerial meeting in November 2025 to set out a more detailed programme of work and adopt deliverables that are ready. Over time, initiatives that gain traction can be taken forward at wider multilateral platforms, like the World Trade Organization, or be adopted more broadly by other partners.