SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) announced changes to its line-up on Tuesday (May 27) following changes to the Cabinet.
Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow joins the task force, while Minister for Education Desmond Lee steps off.
Newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng also replaces former chairman Lim Ming Yan as the SBF representative.
The changes take effect immediately, said the SBF, the Ministry of Trade and Industry (MTI), the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release. All other members of SERT remain the same.
The task force was formed in April to help businesses and workers tide through tariffs imposed by the United States.
It will work to address immediate challenges and develop long-term strategies.
The task force’s members are also split into three groups to focus on different areas, namely, sensemaking and communication, short-term support and development of additional measures and long-term strategies and responses.
Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members:
- Minister for Digital Development and Information Josephine Teo
- Minister for Manpower and Minister-in-charge of Energy and Science & Technology Tan See Leng
- Minister for National Development Chee Hong Tat
- Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow
- Chairman of SBF Teo Siong Seng
- Secretary-general of NTUC Ng Chee Meng
- President of SNEF Tan Hee Teck
The task force’s composition was adjusted following the recent Cabinet and SBF council appointments, Mr Gan said.
“SERT’s mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade,” he added.
In April, US President Donald Trump unveiled a baseline 10 per cent tariff on all imports targeting countries around the world, including Singapore.
The US has recently offered to discuss concessions for Singapore on pharmaceutical exports to the US, Mr Gan said in an update on the task force efforts earlier this month.
“They have offered Singapore to say that, why not, both Singapore and US can sit down and discuss some form of a concession for Singapore to have a beneficial or preferential tariff, even to the extent of zero tariff for pharmaceutical exports to the US,” Mr Gan said.
That would require some effort from Singapore to ensure that the supply chain is secure. “These are the details that we are discussing,” he added.
Pharmaceuticals make up over 10 per cent of Singapore’s exports to the US.
Singapore maintained its growth forecast for the year at a range of 0 to 2 per cent, but MTI cautioned of an uncertain environment ahead.
MTI on Thursday said that while the external demand outlook for the rest of the year has “improved slightly” following recent tariff talks, the global economic outlook “remains clouded by significant uncertainty”.
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