The rules-based international trading program as embodied by the WTO must be maintained.
This” remains the best surety of common development, as well as effective and resilient supply chains ,” according to Mr. Lee, but its rules must keep up with modern change, stay pertinent for the current market, and support global food and energy security.
We therefore urge the G20 to give discussions on WTO reform, in particular, a solid boost in order to return to an operational difference settlement system as soon as possible.
To support sustainable development and safeguard the common around the world, another is to reform the world economic structures. The former refers to reference domains or regions, like the high seas and outer room, that are outside of a single nation-state’s social sphere of influence.
Mr. Lee stated that Singapore” strongly” supports efforts made by India to study changes of the multilateral development banks as the number of G20 this year. These global establishments, like the World Bank, were established by various states to aid developing nations.
He continued, noting that better and more effective use of these banks’ balance sheets may be encouraged as a starting point due to the urgency and scope of the funding needs.
To enhance and increase the impact of public funds, new and creative ways will also be required to scale up and mobilize private sector growth cash.
All hands must be on board, Mr. Lee declared.
To address the development issues, the G20 must take the lead in reviving internationalism. Singapore does make every effort to play our portion, both individually and collectively, as we have in the past.