The US-China trade war has damaged global business and consumer confidence, and this calls for engagement at the top level, said Prime Minister Lee Hsien Loong.

In an interview with Nikkei Asian Review ahead of his visit to the G-20 Summit that on 28 and 29 June 2019, PM Lee said that not resolving the trade war will lead to the division of technology and trust, and its impact will be felt far more than the financial crisis. “Longer term, the greater risk is a split in the supply chains and the technology stack, after many years of working in an interconnected world” he added.

PM Lee also emphasised that both countries have to make clear their objectives and concerns and reach some mutual accommodation. “Within that strategic framework, officials can work on individual issues, whether it is trade, intellectual property, cybersecurity. They should start with easier ones, deal with the issues on their own merits, rather than as aspects of the broader disagreement. Make small moves to build trust, before moving to bigger matters,” said Mr Lee.

PM Lee in the interview also shared that Singapore has been promoting free trade through initiatives such as the Regional Comprehensive Economic Partnership (RCEP) which will conclude by the end of the year; and also the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

Read the full interview: https://s.nikkei.com/2FtoYn9

Image Credit: PM Lee Hsien Loong’s Facebook