Singapore has thrived by being plugged into the global economic network. In fact, we have just been ranked the most globalised economy in the world. Last year's total trade of $470 billion was about 3 times our GDP. We will continue to strengthen our economic linkages with the rest of the world. So while Singapore remains committed to the launch of a new multilateral trade round at WTO, we are also pursuing deeper trade liberalisation initiatives with like-minded countries through bilateral Free Trade Agreements (FTAs).

Our first bilateral FTA with New Zealand has already gone into operation. This year, we aim to conclude FTAs with Australia, Japan, Mexico and the US. We are also in exploratory talks with Canada, India and the European Free Trade Association (EFTA). Through these FTAs that span across regions and continents, we hope to anchor Singapore firmly as a global trading node.

Closer to home, we will continue to work towards greater economic integration with our neighbours through the ASEAN Free Trade Area (AFTA), ASEAN Investment Area (AIA), and e-ASEAN initiatives. Deeper economic integration will enhance ASEAN's attractiveness as a destination for global foreign direct investments (FDIs). This is particularly crucial, given the rise of China and the inevitable diversion of FDIs to Northeast Asia.

Promoting global free trade and regional economic cooperation will help Singapore to continue to do well in the global economy.