SINGAPORE: SINGAPORE needs to be conscious of how free trade can sieve out winners and losers, and ensure that people are not left behind amid the pursuit of free trade, said Minister for Finance Heng Swee Keat.
Speaking at the Asean Conference on Thursday, Mr Heng was commenting on the impact of trade wars, amid simmering trade tensions between major trade partners that include the US and China.
“Free trade will give us a bigger piece of cake, but some people may end up with nothing to eat even though the cake is bigger,” said Mr Heng.
“If you look at the reactions in many parts of the world, where people are against free trade, it is that the losers felt very aggrieved that the system has not served them well. This is something which all countries, including Singapore, must be very conscious of, and we have to ensure that our people benefit from free trade, because it (creates) a far bigger pie than if we were to close our economy
