Singapore into new phase in economic diplomacy
New exportable services provide greater flexibility and scope in diplomacy
AS anti-trade populism continues to rise in Western developed economies such as the United States and the European Union and negotiations on major free trade agreement (FTAs) such as the Trans Pacific Partnership remain at a stalemate, globalisation has become an increasingly unpopular prospect.
Indeed, the rise of Donald Trump as Republican nominee for the US presidential elections and the UK's shock "Brexit" from the EU suggests a worrying trend of protectionism and what some commentators call "deglobalisation".
As a small open economy that has always been highly reliant on global trade, what implications do these trends hold for Singapore? More fundamentally, what do these mean for the practice of economic diplomacy?
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