(Yicai) May 8 -- Singapore will enhance international trade cooperation with China to help businesses in the two countries and neighboring nations respond to the US government's trade war, according to the former president of the Singapore Chinese Chamber of Commerce & Industry.

China and Singapore are advocates of globalization, Roland Ng San Tiong said at a briefing of the annual Conference on International Industrial Cooperation held in Shanghai on May 6. The two aim to provide a platform for companies to "go global" and "bring in" investments by co-hosting the conference, promoting "bilateral and multilateral" cooperation, he added.

The Conference on International Industrial Cooperation is co-organized by the SCCCI and the China Chamber of Commerce for Import & Export of Machinery & Electronic Products. It was held for the first time in 2023.

The third Conference on International Industrial Cooperation will be held in Singapore from May 15 to 16, with around 600 participants from China, Singapore, and several neighboring countries registered to attend, noted Zheng Chao, executive vice president of the CCCME.

Singapore has advantages in high technology and finance, but also limitations, including a small population and market size, Ng pointed out. In contrast, China has developed into a manufacturing powerhouse over several decades, so the two countries can respond to the new US tariffs by enhancing their industrial complementarities, Ng added.

Singapore can also serve as a bridge for Chinese firms to enter Southeast Asia and even the Eurasian region, Ng said. Over the past few decades, the country has established deep economic and trade cooperation with its neighbors, becoming familiar with local business philosophies, lifestyles, and legal regulations, positioning it to provide experience and services for Chinese companies looking to expand overseas, Ng noted.

China has been Singapore's largest trading partner for 11 consecutive years, with Singapore surpassing Japan to become China's largest source of foreign investment in 2022. Bilateral trade between China and Singapore rose 2 percent to USD81.6 billion in the first nine months of last year from a year earlier, according to official figures.

Singapore was the first Asian country to sign a free trade agreement with China in 2008, eliminating most import tariffs on products between the two countries. The deal was upgraded in 2018 and again in 2023.

Editors: Dou Shicong, Martin Kadiev