Speech by Minister-in-charge of Trade Relations Grace Fu at the Future of Trade Forum

From Turbulence to Transformation: Building the Next Architecture of Global Trade

Mr Mark Lee, Chairman, Singapore Business Federation,

Mr John Denton, Secretary-General of the International Chamber of Commerce,

Ms Johanna Hill, Deputy Director-General of the World Trade Organisation,

1. Since the first of Future of Trade Forum in 2019, the global trading environment has become significantly more challenging. Yet disruptions can also present opportunities – for new pathways of growth, for businesses to diversify its customers, suppliers and markets; for governments to modernise the rules and systems that underpin trade.

This year, as we reflect on the theme, "From Turbulence to Transformation: Building the Next Architecture of Global Trade", I would like to focus on the opportunities within this landscape, what Singapore is doing to seize them, and how we can work together to shape the future of trade.

2. For decades, globalisation acted as the primary engine of global prosperity, delivering hyper-connected supply chains and rapid economic growth.

3. Today, however, that playbook is being unwritten and rewritten.

4. We are witnessing a world where trade is weaponized for geopolitical considerations. Trade, security, and climate change are deeply entangled. Fragmentation is challenging the foundational rules of global commerce. We see the effects in how goods move, where capital is invested, and how supply chains are organised.

5. Yet these shifts also create opportunities for businesses to diversify their markets, strengthen their supply chains and capture new areas of growth. Competitiveness will increasingly depend not only on efficiency, but also on resilience and agility in a volatile and complex trading environment.

Singapore's Role in the Next Architecture of Global Trade