The world needs constructive coupling rather than decoupling

Editor's note: The sixth China International Import Expo (CIIE) is taking place in Shanghai from November 5 to 10. In his letter to the CIIE, Chinese President Xi Jinping emphasized that the annual expo has made a positive contribution to creating a new development pattern and promoting global economic development. As the world's second-largest economy, China offers new opportunities for the world in its modernization journey. To explain the concept of China's development, CGTN and the China Institute for Innovation and Development Strategy (CIIDS) have launched the "Chinese Modernization: Sharing Prosperity" series. In this episode, Singapore's Emeritus Senior Minister Goh Chok Tong shares his thoughts. It is important to note that the views expressed in the video are his own and do not necessarily represent those of CGTN.

Goh Chok Tong: China's development has been phenomenal since it opened to the outside world more than four decades ago. I have seen it with my own eyes. I first visited Beijing in 1971 and have been to many parts of China since. China is now the world's second-largest economy, with a share of global GDP at over 18 percent. China's development has benefited the world, in particular, countries in the region.

Singapore has been an early and steadfast partner of China in its modernization journey. At different stages of China's development, Singapore, under different prime ministers, has sought to identify China's prevailing priorities and map out the areas where our interests converge. This has allowed both countries to achieve "win-win" outcomes.

Likewise, ASEAN countries are well-positioned to seize the opportunities from China's continued growth for "win-win" outcomes. ASEAN is home to 680 million people, with a growing middle class and a vast consumer market.

Collectively, ASEAN is the fifth-largest economy in the world. ASEAN and China are now each other's biggest trading partners. Two-way investment flow exceeds $340 billion. There is still potential for ASEAN and China to deepen our ties. China was ASEAN's first Free Trade Agreement (FTA) partner in 2002. The ASEAN-China FTA became a pathfinder for ASEAN's subsequent FTAs with other dialogue partners, as well as the Regional Comprehensive Economic Partnership (RCEP), currently the largest FTA in the world.

ASEAN and China are now negotiating an upgrade of the ASEAN-China FTA. I urge both sides to secure a substantive upgrade. This will pave the way for deeper regional economic integration and a stronger rules-based multilateral trading system.

Given current trends, destructive decoupling will adversely impact global economic growth, supply chain resilience, as well as food and energy security. All countries will be poorer because of it. Southeast Asia and the Global South will be disproportionately impacted. We must address these challenges head-on. We must avert a clash between powerful strategic rivals. We should urge them to wage peace and not war. How?

First, uphold the rules-based international order, as embodied in the UN Charter and international law. Disagreements should be settled by international law and in the spirit of goodwill, cooperation, and dialogue. Full weight should be given to the perspectives and interests of all countries, regardless of size.

Second, support a free, open, and updated rules-based multilateral trading system, as embodied by the World Trade Organization. Concurrently, we should strengthen trade and economic relationships through agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the RCEP. These trade agreements will increase access to global markets, encourage trading based on a set of common rules, and foster greater connectivity.

Third, instead of destructive decoupling, countries should work towards constructive coupling. CPTPP and RCEP are examples of constructive coupling. Countries should play a positive-sum game, not a zero-sum game. In other words, we need to bring about a better and more prosperous world through a prosper-thy-neighbors attitude, not a beggar-thy-neighbors approach.

This is an extract from pre-recorded remarks made by Singapore Emeritus Senior Minister (ESM) Goh Chok Tong at the opening ceremony of the Understanding China-Greater Bay Area Dialogue, organized by the China Institute for Innovation and Development Strategy in Guangzhou on April 19, 2023. 

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