We must be mindful that security and stability are preconditions and mutually reinforcing steps toward greater prosperity and progress. The two fields should complement and synergise to provide a virtuous balance. These truisms hold constant, despite fluctuating trade patterns for individual countries.With our trade at three and a half times our GDP, Singapore's fortunes are inextricably linked to global trade. As Singapore assumes chairmanship of ASEAN next year, we will do our best to attain this balance between security and trade interests. It is an important and worthy goal, and the reasons plentiful - 600 million, to be exact - 600 million people in ASEAN that depend on continuing and growing trade. ASEAN, with a per capita GDP of only U$3,800 at current prices, needs to elevate its standard of living and has great potential to do so. Between 2010 and 2015, ASEAN's collective GDP grew around 5% per year, compared to the global average of 3 percent. ASEAN continues to be one of the bright spots on the global economy. Trade deals like the TPP 11, One Belt, One Road, RCEP and a potential EU-ASEAN free-trade agreement set ASEAN on the right trajectory, and Singapore fully supports and will facilitate all these initiatives.
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