Asean should aim for tariff-free trade: PM Wong
Asean should aim for full tariff elimination across the region, Prime Minister Lawrence Wong said in a speech at the S Rajaratnam Lecture on Wednesday (April 16).
PM Wong, who is also the Minister of Finance, was addressing concerns regarding the ongoing US-China trade war and how this may affect Singapore.
He had previously tackled this issue in Parliament last Tuesday (April 8), where he highlighted the need for Singaporeans to be mentally prepared amid changes to the world they knew.
«The new era will be more volatile, with more frequent and unpredictable shocks,» he had warned.
On Wednesday, he explained the three key points Singapore has to take to weather the storm, one of them being the need to champion deeper regional cohesion and integration.
He emphasised the need for Asean's 10 members to «stay cohesive and proactive», adding that the Asean Free Trade Area has benefitted citizens and businesses by being «virtually tariff-free».
«But we cannot and we should not stop here,» PM Wong said. «We have to accelerate our integration efforts.»