Wong calls for flexible multilateralism at Summer Davos forum

At the same time, Singapore is engaging the EU, GCC, and Latin America to strengthen its global trade footprint.

Singapore Prime Minister Lawrence Wong used the World Economic Forum’s Summer Davos stage to advocate for what he called “flexible multilateralism”—a practical approach for global cooperation in an era of geopolitical fragmentation and rising trade barriers.

“We have to start from somewhere,” Wong said during the Q&A segment, addressing global governance challenges. “If we start with like-minded countries, putting in place some basic building blocks but always with a view that whatever we do, it is open, it is inclusive… then we can multilateralise these efforts.”

Wong pointed to the Joint Statement Initiative on E-Commerce—an effort spearheaded by Singapore, Japan, and Australia—as a successful model. “After five hard years of negotiation, today, more than 70 countries have agreed on the first set of rules for digital trading—it is the building block for the first set of global rules on digital trade.”

The Prime Minister framed this as a clear alternative to policy paralysis. “A new system does not just appear by magic,” he noted. “You have to work at it and with creative, pragmatic solutions, bringing along like-minded countries.”

Wong also warned against discarding existing global institutions, arguing instead for reform of bodies like the IMF and WTO. He recalled how the IMF transformed its approach after the 1997 Asian Financial Crisis: “It has customised its approaches, has become more responsive, more transparent, and it has taken into account local circumstances and contexts.”

However, he added that the IMF’s governance structure still needs work, noting it “reflects a world after World War II and needs to be adjusted to better reflect the realities of today's (global) economy.”

On the WTO, he acknowledged its shortcomings, especially in the digital realm, but stressed: “The response is not to jettison the rules but to think about how it can be improved.”

Responding to questions about Singapore’s evolving trade approach, Wong highlighted a strategy that blends regional partnerships with global outreach. “We start with the countries nearest to us,” he said, pointing to projects with Malaysia, Indonesia, and Vietnam, as well as ongoing efforts to enhance ASEAN’s internal integration.

At the same time, Singapore is engaging the EU, GCC, and Latin America to strengthen its global trade footprint.

When asked about U.S.-China competition, Wong reaffirmed Singapore’s independent stance: “It is not about balancing between the two superpowers, but it is about being consistent and principled in advancing and promoting Singapore's interests.”

He emphasized that this is a broader ASEAN view as well: “We reject zero-sum competition. We embrace engagement with not just America and China, but with other major powers.”