Singapore's Deputy PM calls for more inclusive form of globalization

Singapore's Deputy Prime Minister Heng Swee Keat said on Wednesday evening in a Facebook post that countries together can forge a more inclusive form of globalization that benefits all countries.

He said that the COVID-19 crisis was a reminder for countries to strengthen the global commons and their collective capabilities.

Heng participated in the online virtual G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on Wednesday evening, which he said was the third such meeting to discuss the COVID-19 crisis.

"This underscores the urgency of the G20's task to bring countries together to take coordinated action to deal with this pandemic," he said.

According to the Deputy Prime Minister, COVID-19 is a global pandemic that requires a global response, and there is still much uncertainty over how this pandemic will pan out. The virus is also impacting countries on multiple fronts, such as healthcare, economy, financial stability, and social resilience, he added.

Heng said that the top priority is to contain the spread of the virus, thus he called on G20 members to share information, accelerate research and development, and make the best use of digital technology in the fight against COVID-19.

Meanwhile, Heng called on countries to deal decisively with the economic impact of COVID-19. He said that countries would need measures to cushion businesses and households, preserve capabilities, and ensure financial stability, and they must also take collective action to assist the poorest economies.

(ASIA PACIFIC DAILY)