Event Report: Singapore Policy Forum

Abstract

The second Singapore Trade Policy Forum, held on 21–22 October 2019, confronted a world where trade wars are no longer a possibility but a damaging reality and where the assault on multilateralism has moved to a new level. As was the case in 2018, the forum brought together around 35 leading trade policy experts from government, academia, and the private sector to analyse the implications of the crisis, and explore solutions. Its tripartite composition encourages the holistic thinking that 21st century policymaking urgently requires. This year, in addition to considering the immediate threats to the trading system, the forum looked further ahead to issues where progress is critical not only to trade but also to the future of international policy cooperation. These include rulemaking in the digital economy, reform of the WTO, the future of globalisation, and the intersection between trade policy and climate change. This summary report of a rich discussion underlines the urgency and complexity of the problems. While participants approached these from a range of positions, they all converged on the imperative need to maintain and strengthen the multilateral trading system, and also the important role that regional and plurilateral initiatives can play in this scenario. Leadership from Asia-Pacific economies is more important than ever before. The forum also highlighted the need for policymakers to keep up with the rapid pace of technological development and to deepen the dialogue with business.