STATEMENT BY MR OLIVER CHING, DELEGATE TO THE 74TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY, ON AGENDA ITEM 17: MACROECONOMIC POLICY QUESTIONS AND AGENDA ITEM 18: FOLLOW-UP TO AND IMPLEMENTATION OF THE OUTCOMES OF THE INTERNATIONAL CONFERENCES ON FINANCING FOR DEVELOPMENT, SECOND COMMITTEE, 10 OCTOBER 2019

Thank you, Mr Chairman.

 
1 Singapore aligns itself with the statements made by Palestine on behalf of the Group of 77 and China; Belize on behalf of the Alliance of Small Island States (AOSIS); and Thailand on behalf of the Association of Southeast Asian Nations (ASEAN). 

Mr Chairman,

2 Just two weeks ago, our leaders convened at the UN the Sustainable Development Goals Summit and the High-Level Dialogue on Financing for Development.  Four years since the adoption of the 2015 landmark agreements, and despite the tremendous strides made to achieve sustainable development at all levels, we recognise that our current trajectory of progress, and the remaining gaps and challenges, will not allow us to achieve the 2030 Agenda for Sustainable Development.  

3 A global economic system that is open, inclusive, transparent and based on the rule of law is of fundamental importance to many countries, including Singapore.  National development efforts require a conducive global economic system to facilitate international trade, investment flows, technology transfer and capacity building.  However, the international community today faces strong pushback against an open and integrated global economy.  The spectre of another global recession looms amidst rising protectionism, trade wars, and growing geopolitical tensions.  While this difficult situation presents no easy solutions, Singapore firmly believes that fostering a conducive global economic framework is our collective responsibility.  Allow me to elaborate on three guiding principles we believe will strengthen the global economic system.

4 First, we need a new system of cooperative multilateralism in global economic governance.  Our institutions are in need of reform.  For example, many rules in the World Trade Organisation were designed for agriculture and manufacturing.  Today, we need new and better rules for services, e-commerce and digital technologies.  The current system of global finance is also not future-ready.  It is unable to provide the scale or reliability of financing required to implement the Sustainable Development Goals.  One idea shared by Singapore’s Senior Minister Tharman Shanmugaratnam and Chair of the G20 Eminent Persons Group on Global Financial Governance, is to create a system of networked leadership among existing global, regional and bilateral institutions or groupings.  It must be a system of shared responsibilities, common standards and of maximum complementarity between these existing bodies.  To achieve the 2030 Agenda, we need all relevant actors, including international financial and economic institutions, the G20 and others, to work together in a coherent way with the UN to address the needs of all countries, in particular developing countries.  The UN’s role is key as it is the only global body with universal participation and unquestioned legitimacy.

5 Second, we must recommit to supporting free trade.  In the last decade, about one third of global growth came from China, another third from the rest of the developing world, and the last third from the advanced world, powered especially by the United States.  International trade has been and will continue to be the engine of growth and prosperity for both developed and developing countries.  It is therefore important that we strive to uphold and strengthen the universal, open and rules-based multilateral trading system.  At the WTO, Singapore has played our part by actively contributing as a co-convenor to kick-start negotiations for rules governing e-commerce.  To complement the WTO’s work, we have also actively promoted new regional free trade mechanisms such as the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership, and the Regional Comprehensive Economic Partnership. These high quality agreements will foster trade and promote greater economic integration.

6 Third, we need to uphold and respect international law.  A global economic system based on the rule of law helps to provide all countries with a predictable and stable international environment to conduct business, trade and investments to develop their economies.  As a strong supporter of international law and free trade, Singapore has actively spearheaded new initiatives such as the Singapore Convention on Mediation, which aims to promote mediation as an alternative and effective method of resolving trade disputes.  In the face of rising unilateralism and protectionism, we need to work collectively to build support for, and confidence in, a multilateral rules-based order that can deliver fair and effective outcomes.  
 

Mr Chairman,

7 In closing, Singapore calls for all of us here at the UN to promote cooperative multilateralism, free trade and respect for international law.  These principles undergird our efforts to rejuvenate and sustain our global economic system.   Singapore is committed to working closely with colleagues in the Second Committee towards this collective endeavour, with the broader goal of achieving the 2030 Agenda.

 
8 Thank you.

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