International trade is our lifeline. Our trade to GDP ratio is around 319%, one of the highest globally. This is how important international trade is to our economy, and therefore to Singaporeans. This is also why our FTAs are so crucial to us.
PM Lee said in a Facebook post :
Singapore needs access to global markets to earn our living, and Free Trade Agreements play a crucial role in letting us do so.
Our network of FTAs has benefited us enormously. They create investments and opportunities for our businesses, and jobs for our people. They have helped make us a leading global hub.
The misrepresentation of the effects of the Comprehensive Economic Cooperation Agreement (CECA) with India has caused much unnecessary public concern.
Singaporeans are anxious about jobs, foreign competition, as well as the impact of the large number of foreigners working and living here. These are valid concerns which we will address. But if we put the blame on CECA, that will not solve our problem but instead make it worse.
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