Transcript of the Joint Press Conference for the 14th Meeting of the Singapore-Australia Joint Ministerial Committee at the Ministry of Foreign Affairs, Singapore, on 3 December 2024

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: Good afternoon. Welcome to this press conference. My colleagues, Ministers Vivian Balakrishnan and Ng Eng Hen, and I are pleased to meet with Deputy Prime Minister Richard Marles and Ministers Don Farrell and Penny Wong for the Singapore-Australia Joint Ministerial Committee (SAJMC).

 

Today's meeting marks the 14^th round, a testament to the strong and enduring relationship between our two nations, one built on mutual trust and respect, complementarity as well as our strategic interests, and a shared vision for an open and inclusive region. These elements will be especially crucial as we navigate a world that is increasingly volatile and complex.

 

We had a very fruitful meeting this afternoon, not just to take stock of what we are already working on, but to discuss how we can take our relationship to the next level. We have a wide-ranging bilateral relationship, spanning areas such as defence, trade, energy, as well as our cooperation in various multilateral platforms. I will speak briefly about our economic cooperation.

 

Singapore and Australia are among each other's top 10 largest trading partners. Our total bilateral trade in goods in 2023 amounted to S$29.6 billion, a 16% increase from 10 years ago. Two-way investments have also increased, with Singapore being the sixth largest foreign investor in Australia in 2023, and Australian investments into Singapore doubling over 10 years.

 

Singapore and Australia have collaborated on several leading-edge economic initiatives, such as the Singapore-Australia Digital Economy Agreement and the Singapore-Australia Green Economy Agreement, which have become pathfinders for many bilateral and regional collaborations in these new and emerging areas. We have also jointly developed the Ten Principles to Guide the Development of Cross-Border Electricity Trading, as announced at our Annual Leaders' Meeting in March this year.

 

We continue to find new ways to expand bilateral cooperation, and we are now working on the next phase of the Comprehensive Strategic Partnership (CSP) for 2025 to 2035. Singapore looks forward to embarking on ambitious, forward-looking initiatives with Australia, such as in food security, energy and climate change cooperation. We are also actively working together to nurture and bolster the rules-based multilateral trading system with the World Trade Organization (WTO) at its core. For example, Singapore and Australia, together with Japan, co-convene the Joint Statement on Electronic Commerce at the WTO, which aims to deliver the first-ever set of comprehensive, global digital rules among members. Besides the WTO, Singapore and Australia are partner economies on various multilateral and plurilateral fora, such as the Asia-Pacific Economic Cooperation (APEC), the Indo-Pacific Economic Framework for Prosperity (IPEF), the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 

I look forward to our continued close cooperation with our partners on these platforms, to ensure that we are able to advance our interests for an open and connected world. I also look forward to strengthening our bilateral partnership, especially as we celebrate our 60th anniversary of the establishment of diplomatic relations next year. Thank you.

 

Deputy Prime Minister and Minister for Defence of Australia Richard Marles: On behalf of Ministers Farrell and Wong, it has been an enormous pleasure and honour to be here with Deputy Prime Minister Gan and with Ministers Ng and Balakrishnan for this Three Plus Three meeting between Australia and Singapore. Next year is the 60th anniversary of our bilateral relationship. It is also the 10th anniversary of signing the first CSP between our two countries. And as we have met over the course of the day, we have been reflecting upon the extent of our bilateral relationship, the closeness of our two countries across fields of security, diplomacy, and in the economy. It is a relationship which is very deep, where there are very strong people-to-people links, but what we kept referring to throughout our discussions today is that it is a relationship which is underpinned by deep strategic trust.

 

We are two countries that are very close to each other, who have a very intertwined history, who like each other and like working with each other, who have shared values and have shared interests in the world going forward. That really does develop a very significant relationship of strategic trust.

 

Earlier today, with Dr Ng, we had our bilateral Defence Ministers' Meeting which fed into our broader plenary today. In that meeting, both our countries have agreed to pursue opportunities for increased access in respect of both of our defence facilities. This is a very significant step forward in what is already a broad and unique relationship. The level of training which occurs on the part of the Singapore Armed Forces in Australia is really unparallelled for both of our countries. This year, we celebrate the 30th anniversary of fast jet training at the Royal Australian Air Force (RAAF) Base Pearce at Perth. The significance of that is that every fast jet pilot in the Singapore Air Force today has been trained in Australia. It says something about how close our defence forces are, and we want to make that closer.

 

Today, we have met on the eve of the updating of the CSP, which will occur next year as we sign a “CSP 2.0” between our two Leaders. The discussion was really about what sort of agreement we would seek to make next year, and again, ambition is the word which has been the driving motivational force behind all of our conversations today. The CSP that we enter into next year will be characterised by ambition in respect of countries which have a deep strategic trust between the two of us and in a difficult world, we understand that this is a moment to double down with friends, and that is the description of Australia and Singapore.

 

We are the closest of friends, and we intend to see that reflected in next year's CSP. The meeting today gave us a real sense of optimism about what we are seeking to do in the course of next year, and so we finished today with excitement about the future of our relationship and excitement about what will be contained in the CSP that will be signed by our two leaders next year.

 

Minister for Defence Dr Ng Eng Hen: Let me thank Deputy Prime Minister Marles for those kind words. For our bilateral defence relationship between Australia and Singapore, I should begin by acknowledging that Australia has been one of our staunchest and long-standing defence partners. Their investments in our ability to defend ourselves, as well as in stability of the region go way back – very soon after our independence in 1965 – with the Five Power Defence Arrangements (FPDA) in 1971, for which we commemorate 53 years this year.

 

The FPDA conducts an annual exercise, and it has been growing in scale as well as complexity. To reflect Australia's commitment, for the first time, this year, they included six F-35s for the exercise. And next year, the Carrier Strike Group, which will be visiting the region, may also be involved. Deputy Prime Minister Marles mentioned that our fixed wing pilots are trained in Australia.

 

For Shoalwater Bay Training Area, which many NSmen are familiar with, next year will be the 35th year of [our training at] Shoalwater Bay Training Area. Every year, thousands of SAF soldiers have their formative experiences in Australia.

 

The other milestone was “CSP 1.0”, as Deputy Prime Minister Marles said, now nearly ten years, [it has] transformed our relationship, and deepened it further. It gave us the confidence, because it was very successful, to aim high for “CSP 2.0”, to deepen bilateral relations. Our officials have been meeting and as Deputy Prime Minister Marles said, we met as a delegation this morning. We hope that over the next few months we will finalise the details. If the defence relationship outlined by “CSP 2.0” is realised, it will result for Singapore that Australia will be one of your closest and most valuable defence partners, and hopefully us to them. So let me thank them for their support over the years and I look forward to that agreement.

 

Minister for Foreign Affairs of Australia Penny Wong: Thank you so much for your hospitality, thank you for your warm welcome, but most of all, thank you for the closeness of the relationship and the openness of the discussions today. I would like to make three points.

 

The first is, our two countries share geography and we share history. Defence Minister Ng spoke to some extent about that, and this grounds the very deep reservoir of strategic trust that we share. As Ministers, we want to not only reflect that today, but we want to reflect that ambition in the next iteration of our relationship. There was a lot of discussion about our hope to ensure that the next iteration of our CSP reflects both the history and the ambition for the future.

 

Secondly, I want to make a point about economic engagement. I think, possibly one of the last times I was here speaking about the importance of Australia engaging more economically with the countries of Southeast Asia- we launched the Southeast Asia Economic Strategy to 2040. I am very pleased that Australia has announced today the next step in our implementation of that Strategy, which is an investment under the Southeast Asia Investment Financing Facility. Senator Farrell will speak more about the details of that investment.

 

And if I may, on another issue, because I know this is something that some of the international Australians may ask. We did discuss in our meeting today the need for peaceful resolution of many conflicts. In relation to the Middle East, Australia stresses the vital need for a ceasefire and the release of hostages in Gaza and for the ceasefire in Lebanon to be upheld to prevent further suffering.

 

In closing, I do again want to thank our Singapore colleagues and the country of Singapore for its steadfast venture to the work we do together to ensure a more peaceful region.

 

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: It is now my pleasure to invite Minister Don Farrell to speak.

Minister for Trade and Tourism of Australia Don Farrell: Thank you, Deputy Prime Minister. Minister Gan is my trade equivalent, and it is always fantastic to see a Trade Minister promoted to Deputy Prime Minister, so congratulations on that. I think it is an indication of just how successful you have been in this trade portfolio.

Next year marks 50 years since I first arrived in Singapore. I was a young law student from Adelaide University. I still remember the excitement of crossing the Causeway and entering Singapore for the first time, and I had the same excitement a couple of days ago when I arrived here. The most exciting part about Singapore is, of course, the wonderful success you have made, both economically and culturally, of this wonderful island nation. So, I think that deserves congratulations, and it is really important, from Australia’s point of view, and from the Deputy Prime Minister’s and the Foreign Minister’s points of view, that we continue those links between our two countries.

Last week, the Australian Parliament passed the Future Made in Australia programme, and it commits $24 billion to the ambition of achieving net-zero. Now we have worked very closely over the last three years—almost three years—with the Singaporean government and Minister Gan to promote that net-zero ambition.

I am very pleased today to announce a A$75 million (US$50 million) contribution from Australia to the Financing Asia’s Transition Partnership (FAST-P) programme. This is a programme that will accelerate the move to net-zero in this region, and we are very privileged to be part of that programme. We look forward, just as you do, to making developments here in Southeast Asia to get to that net-zero ambition. We want to work with you through our Future Made in Australia programme. So, it is a great ambition, but it is an achievable ambition.

We have talked over the last few hours about things like underwater cables that will connect Darwin to Singapore and bringing solar energy from Australia into Singapore through the Sun Cable project. So, thank you for having us, Deputy Prime Minister. We really appreciate the opportunity to discuss all the issues between our two countries, and we look forward to even stronger ties into the future.

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: Thank you, Don, for your investment in FAST-P. We look forward to partnering Australia in pushing ahead with the carbon transition for the Asia-Pacific region. Thank you very much.

Minister for Foreign Affairs Dr Vivian Balakrishnan: Well, you have heard three words consistently in the preceding presentations. First, trust; second, interdependence; and third, ambition.

A Comprehensive Strategic Partnership has almost become a diplomatic jargon. But when we say Australia and Singapore are Comprehensive Strategic Partners, we mean it in the fullest and most literal sense of the word.

The foundation of trust, level of interdependence, and our ambition to face the future collectively is unequalled. And I say this as someone who has been involved in the scene for quite a few years.

Singapore and Australia have been beneficiaries of the post-WWII peace, based on economic integration, free trade, global supply chains, the growth of multinational corporations, the Bretton Woods institutions – the WTO and the IMF – as well as the World Bank, the UN, and the UN Charter.

We have also both been beneficiaries of the reform and opening of China, and we have done very well for the past six or seven decades. But the fact of the matter is we are now at an inflection point. The contestation between the two superpowers, the simultaneous technological revolutions, the digital space, in biotechnology and in renewable energy, also present another inflection point.

And if you look at what we have done so far with Australia in the economic front and in the defence front, and now in the “CSP 2.0” focusing on the future, the frontiers, as well as the transition to net-zero, and deepening our people-to-people ties, what you see is evidence of doubling down in this time of volatility and challenge. And that is why this relationship is so vital.

So, I thank Richard, Penny, and Don for being stalwart supporters of this process. We have all got busy political calendars in the months to come, but we commit to working very closely with our officials to bring all these ideas to fruition and to deliver a real, substantive Comprehensive (Strategic) Partnership fit for the purposes of the future. Thank you.

Moderator: Thank you, Ministers. We will now take questions from the media. Please introduce yourself before posing your question. May I invite the Straits Times to post the first question please?

The Straits Times: Could you please share more details about what you will seek to do under your respective portfolios for the “CSP 2.0”? And on the energy front, Singapore currently imports liquefied natural gas (LNG) from Australia, and as Minister Farrell said, possibly solar energy from the Sun Cable project as well. How will Australia play a part in ensuring Singapore’s future energy security, and why is that important? How might Australia benefit from this as well?

Minister Don Farrell: Thank you for that question. We have both the Future Made in Australia and the FAST-P project making that transition to net-zero. But, of course, you cannot flick your fingers and make that transition overnight.

Running a 4,200 km cable from Darwin to Singapore is not only very ambitious, but it will also take some time. During that period, we need to ensure that Australia continues to provide the energy needs of Singapore. We provide natural gas from Australia and will continue to provide this until we can successfully make the transition from fossil fuels to renewables. That is our commitment to Singapore: Australia is a reliable supplier of both natural gas but will also be a very reliable supplier of renewable energy that will be needed for the future.

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: Let me briefly touch on the question, before I leave my colleagues to elaborate on their respective portfolios. Between Don and I, we have been working on several fronts. One of them is energy security – as you mentioned, specifically on natural gas, we continue to import natural gas from Australia, and Australia continues to be an important source of natural gas for us.

At the same time, Singapore is looking at hydrogen as an alternative, and Australia has an ambition to be a hydrogen producer. Singapore is also exploring the use of hydrogen and ammonia as a hydrogen derivative, and is working on a pilot project for ammonia for power generation as well as (maritime) bunkering fuel. This is an area which we are exploring with Australia.

We are also looking at the development of the Green and Digital Shipping Corridor between Singapore and Australia, to see how we can link up a sustainable maritime strategy. We are also looking at alternative low-carbon solutions, such as carbon capture and storage. This is also an area that we have been looking at with Australia – to explore the possibility of carbon capture and store it at Australian sites.

Beyond energy, we are also looking at digital collaboration. We have a Digital Economy Agreement between Singapore and Australia, and this has gone a long way in facilitating digital trade and digital documentation for trade. We are looking at how we can further expand the collaboration in the digital economy, including AI and generative AI, particularly in the development of guardrails and guidelines for AI.

Beyond the digital and green economies, we are also looking at food security. We import chilled chicken from Australia, and we continue to explore the possibility of importing other food supplies from Australia. Particularly in times of emergency and critical food shortage, we want to see how we can work together to ensure continuity of supply. These are areas we will be looking at in the next iteration of the CSP.

Deputy Prime Minister and Minister for Defence of Australia Richard Marles: The heart of the defence relationship is, on one hand, a very unique training relationship with Singapore in Australia in terms of the Singapore Army and the Singapore Air Force. On the other, the presence that Australia has through our navy and our air force in terms of visits to Singapore.

In respect of all of that, we have both agreed to increase access to each other’s facilities. We want to expand all of that, and it is going to be a very important component of the “CSP 2.0” signed next year.

Beyond that, we are looking at how we can do more in terms of working together between our defence science organisations and to have greater defence science cooperation between our two countries. We are looking at greater opportunities for senior-level exchanges between our two defence forces, and we have a very developed architecture in relation to operating together in terms of logistics. We both feel there is more we can do together in terms of that architecture, so part of the way forward will also be looking at how we can explore ways to work more closely together on logistics.

 

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: I should just add that our partnership between Australia and Singapore on the economic side is not just bilateral. We also work with each other at multilateral platforms, and regional platforms. One example is the CPTPP. Next year, Australia will be chairing the CPTPP Commission, and we look forward to supporting Australia in its chairmanship year. We have also worked together very closely on advancing the interests of the CPTPP. So I think those are areas that we work very closely together on.

 

Moderator: Thank you. May I invite Bloomberg to ask the next question please?

 

Bloomberg: Good afternoon, Ministers. This is Josh from Bloomberg News. I was wondering about the prospects for the Quad with the Trump presidency, and also given that Chinese leaders are coming soon, I was wondering if there were any more updates on the lifting of the import ban on Australian lobsters? Thank you.

 

Minister for Foreign Affairs of Australia Penny Wong: As you know, there are a range of regional architectures throughout the Indo-Pacific. There are also minilaterals, and the Quad is an important one of those, an arrangement that Australia values greatly. In fact, the Quad was first elevated to Foreign Minister-level under President Trump in his first term. We see the Quad as bringing great benefits to the Indo-Pacific, as one of the structures that contribute to stability and to public goods. And that is the way we have approached it.

 

In terms of the relationship with China, we came to government with the very clear commitment that – I spoke at length about that, as did others – to stabilise the relationship, we recognise, as Singapore does, that there are differences, there will be differences, and wisely navigating those differences is important active leadership and diplomacy for your country. So, we have sought to be calm and consistent in how we engage with China from the very first engagement, which was my bilateral with Foreign Minister Wang Yi at the G20 in Bali. Since that time, the government, from the Prime Minister, the Trade Minister in particular, as well as me, have worked to seek to remove one by one the impediments that existed in the relationship. I am very pleased, and Minister Farrell may wish to speak about it more. We had good news this morning on two of the facilities – the beef exporting facilities in Australia that have been the subject of some challenges in terms of the Chinese market, have had those impediments lifted. We continue to work in relation to lobster, but I will leave that to the Trade Minister.

 

Minister for Trade and Tourism Don Farrell: Thank you, Penny. Well, as Penny said, when we came to government two-and-a-half years ago, we faced A$20 billion worth of trade impediments with our largest trading partner, China. We have sought over that two-and-a-half years to stabilise our relationship with China, and of course, as Penny has just said, the good news overnight is that the two remaining impediments on beef establishments supplying wonderful Australian beef into the Chinese market have been removed. I raised this issue with my counterpart Wang Wentao a couple of weeks ago in Shanghai, and I am very pleased that he has ensured that those two remaining abattoirs will be able to sell their product back into China. I also raised with Wang Wentao the issue of when the lobsters will be returning to China. That is now the only remaining impediment, and he assured me the timetable that Prime Minister Albanese and Premier Li settled on will be met. So this is really good news, whether you are a grain farmer in Western Australia or a wine maker in South Australia, or a beef producer in Queensland. This is really good news. It has stabilised our relationship with our largest trading partner. It is good for Chinese consumers because they are getting top-quality Australian produce. It is great news for jobs in Australia, because what we know is, if you are an export focused company, your profits are higher, but the wages of your workers are also higher, and we look forward in the coming weeks to the removal of all of those impediments from our trading relationship in China.

 

Moderator: Thank you. May we have the next question from Channel News Asia (CNA)?

 

CNA: Good afternoon, Ministers, I am Geraldine from CNA. So, my question is about the Comprehensive Strategic Partnership between the two countries. You are marking 10 years of that next year, and I think there has also been mention of the “CSP 2.0”. So, I just wanted to ask how both sides see this relationship evolving, given the changing environment with superpower contestation and also with the upcoming second term of the US President-elect Donald Trump.

 

Minister for Foreign Affairs Dr Vivian Balakrishnan: Well, first point, the “CSP 1.0” has been a success. I would also add that there was a stress test, and that was during COVID-19, and it may be worth me highlighting that even in the depths of COVID, SIA never stopped flying to Australia. We kept those logistics chains open. The vaccines that reached Australia came via Singapore, and when Australia needed an additional consignment of vaccines, we were able to, in a sense, give an advance on the vaccines to Australia. So I say this as an example of how well we have worked together, how well we have depended on each other, and we have been reliable. “CSP 2.0” is an attempt to build on this great track record, and precisely because we are at an inflection point – as you have mentioned, the contestation between superpowers, the technological revolution in AI, in bio-tech, and in renewable energy is an opportunity for us to double down on our cooperation and that is why I am confident that next year when our leaders meet, we will be able to announce a set of ambitious, future-ready projects which reflect the depth and breadth of our relationship based on strategic trust, a proven track record, and really aiming for the future. Penny, anything you might add?

 

Minister for Foreign Affairs of Australia Penny Wong: I think Minister Vivian has outlined very eloquently, as always, the strengths and features of the bilateral relationship. I will just make two points. We see the importance of this relationship, the weight of this relationship in two dimensions which matter. One is the bilateral relationship, what we do together, what we are doing for each other's economies, for each other's defence cooperation, for each other's net zero transition and so forth. But then, what we also do- as partners in a more turbulent world, as your Prime Minister has said-  what we do as partners in that world, whether it is the work we do together in the East Asia Summit, in the ASEAN‑related fora, whether it is the work we do together multilaterally, whether it is the work we do together in the WTO which your Deputy Prime Minister has gone to, we share a lot of, and there is a lot of strategic convergence in the things we want. We want peace, we want stability, we want prosperity, we want, we like a world in which norms, international law, predictability of how trade or other disputes are resolved, and we share a lot of very similar interests. So our bilateral relationship is also a platform for what influence we can have in the region and in the world more generally.

 

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong: Can I just add, I talked about the CPTPP just now. You will find that the cooperation between Singapore and Australia at multilateral platforms like the CPTPP is only possible because of the trust and confidence we have built over the years. This trust and confidence are built also because of the CSP that we have established. So the CSP is not just a list of projects that we do, not just a few focus areas that we want to develop. These are important, but what is more important is that through this platform we build trust and confidence as well as mutual understanding – we understand each other's interests and concerns, and we can find ways to work together and to forge common interests.

 

Moderator: Reuters for the next question please.

 

Reuters: Good afternoon, Ministers. I am Xinghui from Reuters. My question is for both Defence Ministers. I think earlier on, you said that you are looking to increase access to both defence facilities, right? Can I get a sense of what sort of increase in access? And I think even right now, which are some Singapore defence facilities that Australia is using?

 

Deputy Prime Minister and Minister for Defence of Australia Richard Marles: We operate through the main air base and naval base here in Singapore, and we want to look at ways in which we can increase the tempo of visits in both our Navy and our Air Force. And we will work together in respect of particularising that, in the lead-up to the “CSP 2.0” next year. In Australia, there is significant training which is undertaken now by the Singapore Army at the Shoalwater Bay training area in north of Rockhampton, Queensland. There are other projects which are currently being pursued in terms of other training opportunities for the Singaporean army in Australia. Again, we want to look at all of that to see how we can meet Singapore's needs in respect of this. And the final point I make is that there is training today of, there continues to be training there for the last 30 years, of Singapore fast jet pilots. And that has occurred at RAAF Base Pearce, which is on the outskirts of Perth, and we want to look at more opportunities for Singapore to have access to and operate from RAAF Base Pearce.

 

Minister for Defence Dr Ng Eng Hen: I understand your question, so let me help by letting you in on a state secret: Singapore is small, and Australia is large. But it is our strategic trust that allows us to use each other's geographic advantages. You can list, or you can find on record how we use the facilities and how they use ours, these are not state secrets, but over the last seven decades, since FPDA and our founding, Australia's presence has added to regional stability. So, from our perspective, since we are small and “CSP 1.0” has worked very well with the development of Shoalwater Bay Training Area, how do we increase training opportunities for our soldiers, our airmen, and our Navy? That is what we have been discussing. From Australia's perspective, they see regional stability as integral to their national stability. And it makes sense - if the supply chains are choked here, Australia suffers. How can they add to the regional stability? And how can Singapore accommodate more ships and planes through our naval bases and air bases? So, it is no secret, and I think we can come up with something which is mutually beneficial.

Moderator: Next question from Financial Times.

Financial Times: Hi, Owen Walker from the Financial Times. Thanks for your time this afternoon. The question is mainly to the Singaporean side, I would like to get your response to the announcement from US on export controls, on (semiconductor) chip makers exporting into China. What impact that may have on industry and chip making in Singapore. I suppose a broader follow up to both sides is looking towards the next Trump Presidency and what that might mean for trade with China in the next four years.

Deputy Prime Minister and Minister for Trade and Industry Mr Gan Kim Yong: Thank you. I think Singapore has been watching the development of the contestation between China and the US very closely, particularly in the technology-related areas. Chip making, is one particular area that is related to technology. Therefore, Singapore has been working with our industries very closely to understand their concerns and their challenges, and helping them adjust to the new environment. And I would say that going forward, whether it is the current administration or the next administration, the contestation and the competition between China and the US will continue to intensify. Our industries are also watching this very carefully and preparing themselves for the new environment and the new landscape.

But even with competition and contestation, there will also be new opportunities that will emerge, because with tariffs and other trade restrictions, as well as investment regulation, it would mean that the entire supply chain would be restructured. This is not just restricted to semiconductors, it also applies to many other industries. And as the supply chain gets reorganised, there will be new rules and supply nodes that will emerge. The key question is, really, how can Singapore play a role in this new supply chain for the semiconductor industry as well as other industries.

So in a nutshell, I think it will be challenging for us. There will be new difficulties and new challenges and there will be trade barriers, and these will result in a change in the supply chain pattern. We are looking at industries to see how Singapore can continue to seize these opportunities that may arise as a result of this new supply chain pattern, while at the same time addressing the challenges that are faced by our companies.

Minister for Trade and Tourism Don Farrell: So, the American people have had an election. They are a democracy. They have made a decision about who their next administration is going to be, and Australia wholeheartedly respects that decision. I think the first point to make is that we should not panic about this new administration. We will work with any government that the American people vote for, and we will constructively work with the Trump administration. From Australia's point of view, the Americans have a trade surplus with Australia. It roughly works this way, America sells us about A$70 billion worth of product, we sell them about A$35 billion worth of product. So, we would say that is a surplus in America's favour. I personally have reached out to my equivalent, that is the Secretary of Commerce and the United States trade representative. We want a constructive working relationship with this new administration, we have always had that in the past with whatever complexion the American government might be, and I am very confident that we can put our case very strongly to the United States and work with our great friends, Singapore to ensure that we put our best foot forward. From Australia's point of view, we are a great trading nation. We rely on free and fair trade to provide the prosperity and the peace that we enjoy in our region. We want that to continue. We will prosecute Australia's national interest in our discussions with the United States, and I believe that we can work sensibly, constructively and cooperatively with the new government in the United States.

Moderator: Mothership for the last question please.

Mothership: Good afternoon, Ministers, my name is Keyla from Mothership. So, this year commemorates the 50th anniversary of ASEAN-Australia Dialogue Relations, in an increasingly fragmented world, how important are the relations between ASEAN and Australia, and how do you see this relationship evolving?

Minister for Foreign Affairs Penny Wong: Thank you very much for that question, and yes, we were ASEAN’s first Dialogue Partner, and we were very proud and pleased to be able to celebrate the 50th anniversary (of ASEAN‑Australia Dialogue Relations). We were very grateful to have all the leaders of ASEAN come to Melbourne, Australia for the ASEAN-Australia Special Summit. I was asked once, not at the Shangri-La Dialogue but at the Raisina Dialogue on Australia’s support for ASEAN centrality and I made the point that when we look up at the world, the first region we see, the first nations we look to is ASEAN and we see that centrality as so important, particularly now. It is important for stability. That is important for the management of difference. It is important for peace and the interconnectivity economically and in other ways, between ASEAN nations and between ASEAN nations and the rest of the world is important also for prosperity.

Minister for Foreign Affairs Dr Vivian Balakrishnan: Australia was indeed the first dialogue partner of ASEAN and over the five decades Australia has been a major trading partner, an investor, as well as a source of ODA (Official Development Assistance) for the less developed members of ASEAN. So, there is no question about the depth of the ASEAN-Australia relationship. And I should add for good measure, Singapore has always been an advocate for including Australia within ASEAN’s overall architecture, for our region and that is why Australia is also part of the RCEP, which includes ASEAN as well as Australia, New Zealand, China, Japan and South Korea. So that is the first point.

The second point relates also to the earlier question- there are going to be new trade barriers. Part of that is related to the superpower contestation, but not all of it, because I think the scarring experience of COVID-19 also reminded all countries that they do need to pay attention to supply chains resilience. Also, the re-emergence of industrial policy, even in developed economies, is also responsible to domestic political needs in those economies to safeguard jobs and to provide good well-paying employment prospects. So, we need to understand that the way the world was organised before is going to change, whether you like it or not. Having said that, for both Australia and Singapore and actually even for the rest of ASEAN, we still do best in the world with free trade, with low barriers, with greater economic integration, with free flow of investments to build up our infrastructure. And certainly, within ASEAN, we do need more investments in infrastructure, and to the extent that Australia has both the raw material and the technology to invest in ASEAN, this is something which we will encourage. And then look at the figures, I will have to double check with Minister for Trade and Tourism Don Farrell, but I think if you look at Australia’s trade with ASEAN as a whole, I suspect we are larger than the EU and maybe would even give America a run for its money. And I expect that in the decades to come, the trade between Australia and ASEAN will increase even further.

Finally, as an aside, Don's reference to the American trade surplus with Australia has reminded me that every time I used to meet officials from the first Trump administration, I always reminded them that America also has a trade surplus against Singapore. So, we should not be on any specific target, neither Australia nor Singapore should be on any specific target list. But putting that aside, between Australia and Singapore, and between ASEAN and Australia, let us continue to push the cause of free trade, for multilateralism, for the WTO and for a rules based multilateral system. I think that is still the safest way for us to continue, to invest in our economies, to bring good jobs to our people, and good wages.

Deputy Prime Minister and Minister for Trade and Industry Mr Gan Kim Yong: Thank you. I think that was the last question. Let me just wrap up by saying that the journey ahead is going to be challenging, given the complexity of the global landscape, but it is always easier, safer to travel this journey with partners, particularly reliable, trusted partners and Australia is one of them. So, we will look forward to continuing our partnership with Australia as we develop “CSP 2.0”. Thank you very much.