BIZSpoke | ASEAN Conference 2025 Businesses urged to Act Fast in a Fragmented Global Economy

11 JULY 2025

ASEAN Conference 2025: Businesses urged to Act Fast in a Fragmented Global Economy

At the 9th ASEAN Conference 2025 organised by SBF and jointly supported by United Overseas Bank, RSM Singapore and Rajah & Tann Singapore as founding partners, Guest-of-Honour Deputy Prime Minister Gan Kim Yong urged businesses to adapt swiftly to a shifting global trade landscape. He cautioned that U.S. tariffs are likely here to stay—driven by bipartisan support, fiscal pressures, and a rise in non-tariff barriers that are reshaping market access.

DPM Gan called on companies to future-proof operations by separating supply chains and diversifying markets. The two-day event attracted over 600 participants from nearly 20 countries and featured bold discussions on ASEAN integration, investment trends, and economic resilience in a multipolar world. SBF reaffirmed its commitment to helping businesses navigate uncertainty and seize regional growth opportunities.

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DEVELOPMENTS ON U.S. TARIFFS

Trump Issues More Letters to Countries in Push for Tariff Deals

This week, the U.S. warned 22 countries of new tariffs starting August 1 without new trade deals. Affected ASEAN nations include Vietnam (20–40%), Philippines (20%), Malaysia (25%), Indonesia (32%), Laos and Myanmar (40%), and Cambodia and Thailand (36%). China has threatened retaliation against countries that support U.S. efforts to bypass Chinese supply chains. Singapore has not yet received a tariff letter from the Trump administration.

Reported on: CNA

Trump Says 50% Tariff on Copper Imports will Begin Aug 1

President Trump also announced his intention to impose a 50% tariff on imported copper as well as levies on semiconductors and pharmaceuticals.

Reported on: Reuters | CNBC

US, China Trade Veiled Barbs at ASEAN Meetings,

Pledge Support for Regional Bloc

At the meeting of the ASEAN nations, Malaysia PM Anwar called for stronger inter-ASEAN trade amid tariffs uncertainty. US Secretary of State Marco Rubio said that Asean nations may get “better” tariffs than the rest of the world and reiterated the US’s commitment to expand relations with ASEAN nations.

Reported on: CNA

WHAT'S NEW

SERT Announces New Measures to Reinforce Economic Resilience

To boost economic resilience amid global trade uncertainty, SERT announced targeted measures including an October 2025 Business Adaptation Grant, enhanced HR certification funding, and expanded Career Health SG support. SBF Chairman S.S. Teo highlighted SBF’s feedback to SERT and said businesses need to diversify markets and restructure supply chains. He welcomed the swift government response, noting the grant would support first steps toward transformation. He stressed that sustained collaboration will be key to building long-term competitiveness.

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In an Uncertain World, Singapore’s Security Anchors Economic Strength

At the SAF Day Rededication Ceremony co-organised by SBF and CapitaLand Investment, Minister for Defence Chan Chun Sing highlighted how Singapore’s strong regulatory consistency and SAF credibility attract global investment. SBF Chairman S.S. Teo emphasised that in today’s tense geopolitical climate, a secure environment—enabled by collective commitment to national service—is vital for Singapore’s long-term economic resilience and business success.

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Business Voices Wanted: Shape Manpower and Wage Insights

SBF invites you to take part in the National Business Survey 2025 – Manpower and Wages Edition, a key pulse-check on business sentiment. Share your insights to help shape policies that matter. As a participant, you’ll receive a complimentary copy of the report and findings once published. All responses are strictly confidential, with only aggregated data shared publicly.

PARTICIPATE NOW

SCALED INTERNATIONALLY

Tariff Turbulence Ahead: Singapore Companies Need to Stay Nimble

Singapore businesses are bracing for renewed uncertainty following U.S. tariff announcements of up to 40% on selected countries. While Singapore is not directly impacted, SBF CEO Kok Ping Soon noted that the lack of clarity around how tariffs may evolve complicates business planning, urging firms to stay agile and diversify. Associate Professor Simon Tay, Chairman of the Singapore Institute of International Affairs, highlighted that companies must navigate a complex patchwork of regional tariff regimes, underscoring the need for strategic resilience.

VIEW CNA VIDEO

SBF Reports Spike in FTA Queries Amid Trade Fragmentation/strong>

SBF has seen a 1.5x increase in free trade agreement (FTA) inquiries in Q2 2025, reflecting growing interest among businesses to optimise trade routes and reduce costs.

SBF member T1 Glass Systems is one such company that has successfully leveraged FTAs to grow its revenue.

SBF CEO Kok Ping Soon emphasised the importance of operating within “trade clubs” to access lower tariffs and protections—highlighting Singapore’s strong FTA network as a strategic advantage for companies.

To find out more on FTAs, reach out to [email protected].

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Go Further: Latin America Is Open for Business

The SBF Latin American Conference 2025 is a timely, strategic gateway for companies eyeing growth beyond Asia. Explore a resource-rich, underexplored region with rising relevance—from Mexico to Argentina. Gain region-specific insights on market entry, sectoral opportunities, regulatory landscapes, and emerging trade shifts. With public and private sector leaders unpacking practical strategies and on-site business services available, this is more than a conference—it’s your launchpad for expansion into one of the world’s most dynamic economic blocs.

SKILLS-EMPOWERED

Career Health Summit Tackles SME Workforce Training Barriers

SBF is stepping up efforts to help SMEs overcome key workforce training barriers—limited cash, manpower, and time. At the launch of the Career Health SG Initiative on 10 July, Guest-of-Honour Minister for Manpower Tan See Leng officiated the nationwide SkillsFuture effort to help Singaporeans build resilient, fulfilling careers. SBF Vice-Chairman Mark Lee and Workforce Singapore CEO Dilys Boey highlighted career health as a vital strategy for growth and transformation and will support businesses through training, job redesign, and productivity programmes.

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SUSTAINABILITY-CENTRIC

SBF Calls for Extended Timeline on SME Climate Reporting

SBF has proposed a 1–2 year extension for SGX-listed SMEs to comply with new ISSB-aligned climate disclosure rules, set to kick in from FY2025. With only 4% of firms confident in meeting the timeline, over 90% said a delay would enable higher-quality reporting. SBF CEO Kok Ping Soon emphasised this is not a retreat from climate goals, but a practical step to help businesses build internal capabilities and adopt best practices for long-term value.

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BUSINESS NETWORK

Unlock and RISE to the Next Level of Leadership

SBF’s Singapore Women Entrepreneurs Network (SG-WEN) and Standard Chartered proudly launches the RISE Programme, a transformative accelerator to power women-led businesses in Singapore. Through immersive modules in strategic thinking, leadership development, personal and company branding, and business planning, alongside curated learning journeys and high-impact networking, participants will gain the clarity, confidence, and connections to rise professionally and personally. Find out more about joining the inaugural cohort which runs from August to November 2025.

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SUPPORTED EVENT

Ministerial Dialogue with Deputy Prime Minister Mr Gan Kim Yong on Global Geopolitical Developments

Gain timely insights into global trends at SGTech’s Ministerial Dialogue with Deputy Prime Minister Gan Kim Yong and Mr Kishore Mahbubani. Ideal for C-level leaders. Includes networking lunch.

Exclusive promo for SBF members: CXOSBF25 (10% off). Limited seats, register now!

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