STATEMENT BY SENIOR MINISTER OF STATE (FOREIGN AFFAIRS) (HOME AFFAIRS) SIM ANN AT THE 4TH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT MULTI-STAKEHOLDER ROUNDTABLE ON “UPHOLDING THE MULTILATERAL TRADING SYSTEM, AND HARNESSING THE POTENTIAL OF SCIENCE, TECHNOLOGY AND INNOVATION” 2 JULY 2025, 10AM-1PM FIBES 1, PAVILLION 2 SEVILLA, SPAIN

Thank you, Co-Chairs

The global trading system today is under immense strain, threatening to undo the collective gains we made in past decades. For Singapore, trade is our lifeblood, flowing at more than three times our GDP. For all countries seeking development, a revitalised, rules-based multilateral trading system with the WTO at its core is not merely preferable; it is essential. A retreat into unilateralism will lead to fractured supply chains, stifled growth and inflation that hits those furthest behind, hardest.

2 However, even as we strengthen the WTO, including its dispute settlement mechanism, we cannot wait idly by. Countries must embrace new, variable geometries in trade. This is why Singapore championed open plurilateral and regional frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), the latter now accounting for 30 percent of global GDP and population. These agreements reduce trade friction, engender value addition, and enable developing countries’ integration into regional value chains. They are not alternatives to multilateralism, but vital complements – proof that open, rules-based trade integration drives shared prosperity.

3 This brings me to Science, Technology and Innovation (STI), which is transformative for the financing for development (FFD) agenda. We see three areas where STI can unlock FFD.

First, leveraging STI for financial inclusion. Fintech can significantly lower barriers; connect the unbanked to opportunity; and democratise finance for the underserved. For example, cross-border initiatives like Project Nexus connect multiple domestic instant payment systems in our region – enabling instant, low-cost cross-border payments.

Second, optimising AI for development. Singapore’s National AI Strategy 2.0 actively deploys AI for public good, including predictive healthcare and optimising development finance flows. Trust is foundational to maximise AI’s benefits. Hence, Singapore introduced an open-source AI Verify Framework toolkit to ensure AI is safe, secure, and trustworthy.

Third, embracing digital economies. For developing countries, leveraging digital trade overcomes traditional barriers, enhances market access and increases productivity. This is why Singapore has pioneered Digital Economy Agreements (DEAs) to establish forward-looking rules for e-payments, data flows, and digital trade.

Distinguished Delegates,

4 In these evolving and turbulent times, the choice is clear: recommit to an open, rules-based multilateral system and harness STI, or risk fragmentation that leaves behind those most vulnerable. Singapore stands ready to partner with you to build a future where trade and technology empower sustainable development for all.

5 Thank you.

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