“In this environment, countries have to work even harder to try and come together, to keep to what is possible in terms of cooperation, and try and keep the global trading environment as healthy as possible,” he said at the conference, which was part of Singapore Convention Week 2022.
Singapore is making strides in being recognised as a global trading hub in more ways than one. Beyond infrastructure for physical trade, the country is also building on less tangible facets of international trade — namely, its strong institutional reputation for rule of law — as it works towards becoming a leading centre for international mediation.
The availability of reliable, impartial international tribunals could be more important now than ever. In his welcome address at the UN Commission on International Trade Law (UNCITRAL) Academy Conference on Aug 30, Minister for Home Affairs and Minister for Law K Shanmugam highlighted the importance of multilateralism in the face of unpredictable macroeconomic conditions which is seeing businesses impacted by a “confluence of factors”.
