Trade Diversification Strategy in Building Supply Chain Resilience through Strengthening International Partnerships
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Ms Hazlina Abdul Halim’s inquiry on how Singapore is expanding trade relations and engaging international counterparts to manage tensions and prevent future supply disruptions. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong highlighted efforts to deepen cooperation with major economies and emerging markets through digital and green economy agreements. He noted regional upgrades like the ASEAN Trade in Goods Agreement and the formation of the Future of Investments and Trade Partnership with 15 other like-minded economies. Singapore also signed a first-of-its-kind legally binding supply chain resilience agreement with New Zealand to ensure the trade of essential goods during crises. These strategic collaborations aim to broaden economic partnerships, diversify markets, and strengthen national resilience in an increasingly fragmented global environment.
Transcript
4 Ms Hazlina Abdul Halim asked the Deputy Prime Minister and Minister for Trade and Industry in view of rising geopolitical tensions and economic nationalism (a) how is Singapore expanding and renewing trade relations with large and small countries; and (b) how is the Ministry increasing engagements with regional and international counterparts to manage tensions and prevent future supply disruptions.
Mr Gan Kim Yong: Singapore is deepening our cooperation with major economies and expanding our trade links with emerging markets, such as Latin America, South Asia, the Middle East and Africa. We are also furthering cooperation in growth areas through digital and green economy Agreements, such as the European Union (EU)-Singapore Digital Trade Agreement and the Green Economy Partnership Agreement with Chile and New Zealand.
In addition, Singapore is strengthening our regional and bloc-to-bloc engagements. For example, we upgraded the Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement last year. Dialogues to explore areas for collaboration between the members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and ASEAN, as well as between the CPTPP and the EU are ongoing.
We are also developing new forms of partnerships. In September 2025, Singapore, Switzerland, New Zealand and the United Arab Emirates launched the Future of Investments and Trade Partnership to champion a forward-looking trade agenda. This informal group of 16 like-minded small, medium and trade-dependent economies will collaborate on issues, such as supply chain resilience and leverage technology to facilitate trade and investment.
In October 2025, under the bilateral Comprehensive Strategic Partnership, Singapore and New Zealand agreed on a legally binding supply chain resilience agreement to trade essential goods even in times of crisis, a first-of-its-kind for Singapore. We will continue to explore similar agreements with other like-minded economies, to protect our access to critical supplies.
These efforts and collaborations will deepen and broaden our network of economic partnerships, diversify our markets, open more opportunities for our businesses and strengthen our resilience in an increasingly fragmented world.