Singapore’s economic diplomacy : an effective tool in meeting foreign policy goals?

Abstract

This paper seeks to explore Singapore's economic diplomacy approach in meeting foreign policy goals in the 21st century. Through a mix of qualitative and quantitative data, free trade agreements show that they enhance market access and enable a protraction of trade linkages and political relations. Secondly, early efforts to engage emerging markets of the world due to future preponderance places Singapore optimally to expand its influence and economic space. Thirdly, Singapore's foreign economic policy of incorporating GLCs in conducting trade plays a catalytic role in ensuring that economic efforts remain uniform and that Singapore's 'brand name' perpetuates through government-to-government collaborations. Fourthly, the cultivation of relationships with any and all by sharing best practices provides Singapore with international support and allies. Lastly, engaging through international institutions while upholding the rule of law remain as cornerstones of Singapore's economic diplomacy as they provide the city-state with an equal standing in international fora.