Singapore’s Emeritus Senior Minister Goh Chok Tong has called for nations to embrace “constructive coupling” rather than “destructive decoupling” to promote global economic growth and stability. Speaking at the Understanding China-Greater Bay Area Dialogue in Guangzhou, Goh highlighted the significant benefits of cooperation and urged countries to pursue “win-win” outcomes.
Goh reflected on China’s phenomenal development over the past four decades, noting that China, now the world’s second-largest economy, has greatly benefited the global community, particularly countries in the region. “Singapore has been an early and steadfast partner of China in its modernization journey,” he said, emphasizing the importance of identifying shared interests to achieve mutual benefits.
The minister pointed out that ASEAN nations are well-positioned to seize opportunities arising from China’s continued growth. With a combined population of 680 million and a growing middle class, ASEAN represents the world’s fifth-largest economy. “ASEAN and China are now each other’s biggest trading partners,” Goh noted, adding that there is still significant potential to deepen ties.
Highlighting the importance of trade agreements, Goh urged both ASEAN and China to secure a substantive upgrade of the ASEAN-China Free Trade Agreement (FTA). “This will pave the way for deeper regional economic integration and a stronger rules-based multilateral trading system,” he asserted.
Addressing the challenges posed by current global trends, Goh warned that “destructive decoupling” would adversely impact economic growth, supply chain resilience, and food and energy security. “All countries will be poorer because of it. Southeast Asia and the Global South will be disproportionately impacted,” he cautioned.
To counter these challenges, Goh proposed three strategies:
- Uphold the rules-based international order: Nations should settle disagreements through international law and promote cooperation and dialogue, respecting the perspectives and interests of all countries, regardless of size.
- Support a free and open multilateral trading system: Strengthening trade relationships through agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) will foster greater connectivity and access to global markets.
- Promote constructive coupling: Countries should work together in a positive-sum game, fostering prosperity through collaboration rather than competition. “We need to bring about a better and more prosperous world through a prosper-thy-neighbors attitude, not a beggar-thy-neighbors approach,” Goh emphasized.
Goh’s call for constructive coupling underscores the importance of international collaboration in addressing global challenges and promoting sustained economic growth. His remarks serve as a reminder that cooperation, rather than isolation, is key to building a prosperous future for all nations.
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The world needs constructive coupling rather than decoupling
cgtn.com
