MELBOURNE - Singapore is watching and following the United States presidential race closely as it will affect the world. But it is a “US process” and Singapore will respect the outcome, said Prime Minister Lee Hsien Loong.
“We do not decide the US elections. We do not vote in them,” he said in reply to a question by The Straits Times on preparations for a possible change in American leadership after the US presidential election in November.
“We will work with the outcomes and with whoever is the president of the United States,” he said during a joint press conference with his Australian counterpart Anthony Albanese, after the 9th Singapore-Australia Annual Leaders’ Meeting in Melbourne on March 5.
The 2024 US presidential race is taking place against the backdrop of intensifying US-China geopolitical and economic rivalry, and is likely to be a rematch between incumbent Joe Biden and former president Donald Trump.
As US president back in 2017, Trump had imposed billions of dollars’ worth of tariffs on imports from China and the European Union. Now, he is campaigning on the promise of even more tariffs on imports from China and possibly a blanket tariff on imports if he were to win a second term.
On March 4, the US Supreme Court ruled in favour of Trump running in Colorado’s Republican primary ballot, overturning an earlier decision by a local court to exclude him due to his involvement in the Jan 6, 2021 attack on the US Capitol building in Washington by his supporters.
In response to the same question from ST, Mr Albanese said the US election is a matter for the American people, and the process should be allowed to take its course and be respected.
This week, PM Lee and other regional leaders are in Melbourne to attend meetings of the Asean-Australia Special Summit.
This year marks the second edition of the meet and the 50th anniversary of Australia becoming the bloc’s first dialogue partner.
With Asean’s combined nominal gross domestic product worth US$3.6 trillion (S$4.8 trillion) in 2022, it is not just powers like China and the US that are competing to deepen trade and investment ties with the region.
On March 5, Mr Albanese announced a A$2 billion (S$1.7 billion) fund that will boost trade and two-way investment between Australia and South-east Asia.
It will focus on infrastructure and green-economy transition projects.
“Because while there is so much untapped potential, there is no unlimited time. We must act together, and we must act now,” Mr Albanese said at a meeting of business leaders at the summit.
While two-way trade between Australia and Asean member states in 2022 exceeded A$178 billion – greater than Australia’s two-way trade with Japan or the US – more should be done to support regional growth and realise mutual benefits, added Mr Albanese.
On March 4, Australian Foreign Minister Penny Wong also announced an investment of A$64 million over the next four years to help Asean countries strengthen maritime security.
