$1.28m Temasek aid to NTU for trade-talks research hub - Singapore
By SARA LIM
TEMASEK Foundation, the philanthropic arm of Temasek Holdings, has provided the Nanyang Technological University (NTU) with $1.28 million worth of seed funding to launch a research centre for trade negotiation and economic development.
The grant will fund a series of ‘capacity-building programmes’ aimed at training government officials to negotiate trade terms more effectively.
The first of its kind in Asia, the centre will focus on helping developing countries enter World Trade Organization (WTO) negotiations on an equal footing with better-staffed and more experienced teams from the developed nations.
Temasek Foundation hopes that the training programmes will help Asia’s developing nations improve their trade links and economic fundamentals.
According to the foundation’s chief executive, Benedict Cheong, Singapore is well-placed to become a strategic centre for training in trade negotiations.
‘One of the fundamental pillars of Singapore’s development and success has been trade - international trade. This is where we have a competitive advantage, terms of knowledge and issues,’ said Mr Cheong.
‘What’s interesting is that the centre teaches officials not only how to deal with the WTO but also how to negotiate free trade agreements (FTAs).
‘If some of these countries get into FTA negotiations with Singapore, the whole negotiation process may be done in a more positive spirit because there is a common understanding of some of the issues and the rules,’ said Mr Cheong.
While Mr Cheong admitted that the training centre may not bring immediate benefits to Singapore, he is unfazed as ‘the ultimate goal of the Temasek Foundation is not to further Singapore’s interests but to help Asia, including the low end, where it needs help.’
The centre hopes to enhance Asia’s capacity in trade negotiations as a whole, rather than focusing on the South-east Asian region.
It hopes to train officials from developing countries such as Mongolia, Nepal, Bhutan and Sri Lanka.
The centre will be officially launched in October this year, with a possible visit by WTO director-general Pascal Lamy.
Source : Business Times - 18 April 2008
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