UNITED NATIONS, Sept. 29 (Xinhua) -- Singaporean Foreign Minister Vivian Balakrishnan warned on Saturday that no country benefits from trade conflicts and protectionism and that the rules-based multilateral trading system must be safeguarded.
"Ultimately, no country benefits from trade conflicts and protectionism. The negative impacts will ripple through the global supply chain and undermine growth and prosperity in all countries," said Balakrishnan in his speech at the United Nations General Assembly (UNGA).
Singapore will continue to be a strong supporter of the rules-based multilateral trading system. The critical importance of the World Trade Organization cannot be over-emphasized as the neutral arbiter of international trade disputes, he said.
"At a time of increasing inter-connectedness and inter-dependence, it is now more than ever that we need a multilateral approach and strong rules," he said.
Globalization should not be an easy target for new problems, said Balakrishnan, adding that governments of the day have an obligation to consider long-term and sustainable solutions, instead of just raising trade barriers.
For example, he said, it is futile to fight to protect obsolete technologies and yesterday's jobs. "On the contrary, we must try to take advantage of the new opportunities of the global market to create the jobs of the future."
The 73rd session of the UNGA is being convened at the UN headquarters in New York from Sept. 18 to Oct. 1.
