SINGAPORE, April 20 — In the midst of a fraught global situation of deepening geopolitical conflicts and protectionism, countries around the world are now in a “vicious...
SINGAPORE, April 20 — In the midst of a fraught global situation of deepening geopolitical conflicts and protectionism, countries around the world are now in a “vicious circle” of trade and hostility where they are less likely to trust others to play by the rules, Prime Minister Lee Hsien Loong said.
He added that although there was a “broad international consensus supporting globalisation” over the last few decades, things have now changed. The world is headed once again to a place where protectionism is the default and trade rules are secondary.“The economic cost to the world will be very high.”
“If the Ukrainians, using these Western-supplied weapons, make a breakthrough on the battlefield, we cannot predict how Russia may react,” he said. China considers Taiwan as the most important issue and the One-China principle is the “reddest of its red lines”, Mr Lee added. “China’s leaders have become also convinced that the US is seeking to the ‘contain, encircle and suppress’ China, in the words of President Xi Jinping.”“Even if the two powers avoid a direct conflict... enduring enmity and bad relations between them will be very costly for both and will mean big trouble for the rest of the world.
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