SINGAPORE, Oct. 28 (Xinhua) -- Singapore's Senior Minister Lee Hsien Loong on Monday called on countries to strengthen regional and interregional trade cooperation and not give up on the World Trade Organization (WTO), as global trade faces rising fragmentation and geopolitical competition.
"First, do not give up on the WTO," Lee said during a dialogue in London, according to a statement from Singapore's Prime Minister's Office.
Though the WTO has many shortcomings, nations could still act within its framework because it represents "a certain ideal, a certain conception of the way we should work together," he said.
"On trade within regions, we ought to work to enhance our own cooperation and bring down the obstacles which we have erected ourselves," he said.
Lee also stressed the importance of linking different regions. "You want to link up between blocs so that you can work together and have a network, a web which collectively encompasses the world."
He noted that since the U.S. tariff policies unveiled, countries have largely shown restraint in their responses. "It is quite clear that they want to preserve as much of the framework as possible, so that you do not end up mutually impoverishing each other. And if that can be held, I think that would be very valuable."
