Singapore welcomes a new chapter in its leadership as Deputy Prime Minister and Finance Minister Lawrence Wong takes office as the country’s Prime Minister on May 15. This leadership transition comes after former Prime Minister Lee Hsien Loong and his entire government handed in their resignations, marking a significant moment in Singapore's political landscape.
Under Wong’s leadership, Singapore is poised to deepen its relationship with the Chinese mainland, reinforcing its position as a pivotal global trade hub. Renowned for transforming from a developing nation to a first-world powerhouse, Singapore stands as a major transshipment, petrochemical, and financial center, highly connected to the world's markets.
The strategic location of Singapore along the southeastern Strait of Malacca, one of the busiest shipping routes globally, underscores its vital role in international trade and maritime logistics. The Port of Singapore remains one of the busiest transshipment ports, facilitating seamless global commerce.
Prime Minister Wong is committed to expanding Singapore's regional and global trade networks. Singapore actively participates in and leads the formulation of key economic agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA). These initiatives are designed to attract multinational investments, create new job opportunities, and support Singaporean enterprises in exploring overseas markets.
Since joining the World Trade Organization in 2001, Singapore has fostered robust economic growth and integration into the global economy. A stable and prosperous Chinese mainland is crucial for enhancing the global governance system, a sentiment echoed by Singapore. The nation welcomes China's efforts to strengthen ties with ASEAN and its member states, recognizing the mutual benefits of such collaborations.
Diplomatic relations between Singapore and the Chinese mainland were established in October 1990, leading to frequent exchanges at various levels. In April 2023, the two countries solidified their partnership by establishing an \"all-round high-quality forward-looking partnership.\" Today, China stands as Singapore's largest trading partner in commodities, while Singapore is the Chinese mainland’s largest foreign investor, highlighting the deep economic interdependence between the two nations.
As Prime Minister Wong steps into his new role, his focus on enhancing Singapore’s economic ties with the Chinese mainland is expected to drive further growth and innovation, positioning Singapore as a key player in the evolving global landscape.
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Singapore will deepen its relationship with China under PM Wong
cgtn.com
