Gan Kim Yong to attend G20 ministerial meetings in Bali

MINISTER for Trade and Industry Gan Kim Yong will be in Bali from Sep 21 to 23 to attend ministerial meetings under the 2022 G20 Summit, the Ministry of Trade and Industry (MTI) announced on Tuesday (Sep 20).

At the G20 Trade, Investment, and Industry Ministerial Meeting, Gan will discuss the role of trade and investment in supporting global economic recovery with other G20 ministers, where he will also highlight the importance of “future-proofing” the World Trade Organization.

Gan also plans to discuss the significant role that a multilateral trading system can play to help achieve sustainable development goals, the need to strengthen the global health architecture, as well as how to build more resilient global value chains through digital trade, the statement said.

Indonesia currently holds the rotating presidency for the G20 meetings. While Singapore is not a member of the G20, it has been invited by Indonesia to participate in the discussions. The G20 leaders are set to meet in Bali for the leaders summit in November this year.

While in Bali, Gan will also meet with his international counterparts to “reaffirm ties and explore potential opportunities for collaboration”, said MTI. He will be accompanied by officials from the ministry.

This will be Gan’s second overseas trip in less than a week. Last week, Gan was in Cambodia for the Association of South-east Asian Nations (Asean) Economic Ministers’ Meeting (AEM) and other related meetings, while MTI permanent secretary Gabriel Lim attended the first Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting.

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The RCEP Ministerial Meeting welcomed the entry into force of the RCEP Agreement on Jan 1, 2022 and looked forward to its ratification by remaining signatory states so that the “full economic potential of the world’s largest free trade agreement to-date can be realised”, said MTI in a separate statement.

Asean currently stands as Singapore’s largest trading partner. The city-state’s total trade with Asean reached S$288 billion in 2021, rebounding 20 per cent from 2020.

“The annual AEM meetings continue to be a testament to Asean’s efforts and commitment to strengthen the region economically,” said Gan. The meeting was thus focused on “positioning Asean for the future”, with particular focus on upgrading several Asean agreements to ensure that its trading networks remain strong and relevant to emerging trends.

He added: “Singapore looks forward to partnering with other Asean member states and Asean’s external partners to create new opportunities for our businesses and people.”