Leaders from the US and China will set the tone for this bilateral relationship, said Mr Wong, noting that President Joe Biden and President Xi Jinping will have their first face-to-face meeting at the G20 summit in Bali on Monday.
“We hope that through such interactions, both sides can better understand each other and build a more stable relationship,” said the Deputy Prime Minister.
While the US-China relationship is the most consequential, this does not mean that the rest of the world are passive bystanders, he added.
“We too have agency and, collectively, we have the ability to shape developments in the region and the world. The reality is that we are moving towards a multi-polar world, one characterised by a wide diversity of overlapping interests,” said Mr Wong.
In Asia, India is rapidly emerging and set to become the third-largest economy in the world by 2030, he added.
“India will play a larger role in regional and international affairs, and it will make its own calculations independently on how to advance India’s interests in the world,” he said.
Southeast Asian countries are “becoming a growth centre in our own right” with a combined population of 660 million people. They have a total gross domestic product of about US$3 trillion now and that is projected to double or quadruple over the next two decades.
“Within ASEAN, no country wants to be in the position to have to choose sides between China or the US. There can be no good outcome for us, if our countries were forced into two camps with a hard line or worse, even a wall in between,” said Mr Wong.
Between the European Union and ASEAN, there are many new opportunities for cooperation, including in the area of sustainability, said Mr Wong, adding that green businesses in ASEAN are set to expand further in coming years.
“Singapore will do our part in all this, by helping connect ASEAN to the world. As an international trade and financial centre, we serve as an important gateway for people and business,” he said.
“We will build on the linkages, build around Singapore, and deepen our connectivity with other regions and countries.
“And importantly, the close ties between Germany and Singapore can help to anchor and bring our two regions, EU and ASEAN, closer together.”
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