‘Multilateralism is yet alive’: PM Lee urges G-20 nations to press on with reform of WTO, development banks

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‘Multilateralism is yet alive’: PM Lee urges G-20 nations to press on with reform of WTO, development banks
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He cites the UN agreement ensuring conservation and sustainable use of marine biodiversity as a reason for cautious optimism. Read more at straitstimes.com.

NEW DELHI – Singapore Prime Minister Lee Hsien Loong on Sunday urged leaders of the Group of 20 countries to press on with reforms of multilateral institutions in order to address the world’s development challenges.

PM Lee said that there was also a need to reform the international financial architecture so that it can better respond to the challenges of sustainable development. PM Lee stressed at the annual forum that “multilateralism is yet alive”, even as he noted that cooperation among nations to address global issues had weakened.new agreement under the United Nations Convention on the Law of the Sea,

Speaking to the Singapore media after his address, PM Lee said that while cooperation between nations can be difficult when there are tensions and distrust between the world’s major powers, it is still possible to move forward. The island republic also enjoys multi-faceted relations with the EU, which cover a free trade agreement, a digital partnership as well as scientific and cultural cooperation.

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