benefits in the disputes at hand， than to its broader interests in upholding the multilateral system. This has caused concern to many of the US’ friends and allies.
Singapore cannot afford to adopt the same point of view. Being small， we are naturally disadvantaged in bilateral negotiations. We need to reform and strengthen multilateral institutions， not cripple or block them. More fundamentally， confining ourselves to a bilateral approach means forgoing win－win opportunities which come from countries working together with more partners. We need to build a broader regional if not global architecture of cooperation. When groups of countries deepen their economic cooperation， they will enhance not just their shared prosperity but also their collective security. With more stake in one another’s success， they will have greater incentive to uphold a conducive and peaceful international order. This will benefit many countries big and small.
Thus， short of universal trade agreements， we should at least strive for regional or pluri－lateral arrangements. This may be a second best solution， but it is a practical way to incrementally build support for lower trade barriers and higher standards， which can then be adopted by other countries.
This was the rationale behind the Trans－Pacific Partnership （TPP）. The US originally came on board the TPP because it saw the strategic benefits， although it ultimately withdrew. Fortunately， the remaining 11 members were able to preserve nearly all that had been negotiated， and so the Comprehensive and Progressive Agreement for Trans－Pacific Partnership （CPTPP） is now in force. |
