On November 29, 2022, Singapore played a key role in the 31st ASEAN+3 Summit held in Phnom Penh, Cambodia, strengthening regional cooperation and dialogue on trade, investment, and economic growth.
The summit saw the participation of leaders from the Association of Southeast Asian Nations (ASEAN) member states, as well as China and Japan, in a bid to deepen economic ties and foster greater collaboration on regional issues.
Singapore’s Minister for Foreign Affairs, Vivian Balakrishnan, emphasized the importance of ASEAN’s free trade area (FTA), which aims to reduce tariffs and other barriers to trade among member states. He also highlighted the significance of the Regional Comprehensive Economic Partnership (RCEP) agreement, a massive free trade deal between ASEAN and its six FTA partners.
During the summit, Singapore also stressed the need for sustainable development, climate action, and disaster risk reduction in Southeast Asia. Minister Balakrishnan acknowledged the region’s resilience in the face of natural disasters and highlighted Singapore’s commitment to supporting small and medium-sized enterprises (SMEs) through various initiatives.
Singapore’s diplomatic efforts have been recognized internationally, with the country being named one of the top 10 most innovative economies by the Global Innovation Index (GII). The GII measures innovation in areas such as business creation, exports, and economic growth.
Regional Cooperation and Dialogue
The ASEAN+3 Summit marked a significant milestone in regional cooperation, with leaders from China, Japan, and Singapore reaffirming their commitment to deepening economic ties and promoting sustainable development.
- ASEAN-China Free Trade Area (FTA) agreement: aims to reduce tariffs and other barriers to trade among member states
- Regional Comprehensive Economic Partnership (RCEP) agreement: a massive free trade deal between ASEAN and its six FTA partners
- Sustainable development, climate action, and disaster risk reduction initiatives
International Recognition of Singapore’s Diplomatic Efforts
Singapore’s diplomatic efforts have been recognized internationally, with the country being named one of the top 10 most innovative economies by the Global Innovation Index (GII). This recognition reflects Singapore’s commitment to innovation and economic growth.
Conclusion
In conclusion, Singapore’s participation in the 31st ASEAN+3 Summit demonstrated its commitment to regional cooperation and dialogue. The country’s diplomatic efforts have been recognized internationally, with a focus on promoting sustainable development, climate action, and economic growth. As a key player in Southeast Asia, Singapore will continue to play an important role in shaping regional policies and initiatives.