In a joint press release, the member countries said they would work together to “develop solutions-oriented initiatives to strengthen the rules-based trading system”.
The FIT Partnership, described by MTI as “agile and informal” and non-binding, will act as a platform for the countries to collaborate on a range of trade topics.
These include the strengthening of supply chains, the removal of non-tariff trade barriers, the facilitation of investment and the adoption and integration of emerging technologies.
It will also promote dialogue between public and private stakeholders and work to enhance foreign direct investment flows.
Speaking at the meeting, Singapore Deputy Prime Minister Gan Kim Yong said the partnership’s initiatives were “not abstract concepts but practical tools” that will help businesses navigate an increasingly complex and digital global environment.
He also expressed hopes that the platform would catalyse innovation that could be taken to the multilateral level to strengthen the WTO.
“I am confident that through partnerships like this, we can build a more resilient, inclusive, and prosperous future,” he said.
Echoing Mr Gan’s sentiments about the partnership’s “concrete initiatives”, member countries said the platform would be “distinguished by its focus on having real-world impact”.
“As it grows, it will invite other countries interested in these objectives and willing to uphold its principles, ensuring that the initiative remains inclusive, agile and adaptable to a rapidly changing global landscape,” they said.
Singapore will host the first FIT Partnership Ministerial Meeting on the sidelines of the Bloomberg New Economy Forum in November.
The members’ ministers have agreed to work towards endorsing concrete initiatives to be announced at the meeting, said MTI.
