The many forms of disruptions that have taken place all around us have not spared the realm of international trade. Globally, governments, corporations and individuals are grappling with the impact of these disruptions on international trade, particularly in the wake of Brexit and Trump.  Despite, and especially due to, anti-globalisation sentiments and recent trade tensions, countries must stand united in the face of change.

This was the point made by Minister for Communications and Information and Minister-in-charge of Trade Relations, Mr S. Iswaran, at the Dentons Rodyk Dialogue 2018, which took place in the Singapore Management University on 8 May. The second annual Dialogue also featured The Right Honourable Stephen Harper, 22nd Prime Minister of Canada and Chairman and CEO of Harper & Associates; Professor Tania Voon of the Melbourne Law School, University Of Melbourne; and Founder and Executive Chairman of Banyan Tree Holdings, and Chairman of the Board of Trustees of the Singapore Management University, Ho Kwon Ping.

All countries benefit from global trade

Bringing up the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership as an example of solidarity between countries, Mr Iswaran noted that countries large and small, developed or developing, are all beneficiaries of open and connected markets. These benefits are not just economic, but extend to the social, cultural and strategic spheres. Also importantly, domestic policies should complement trade and globalisation for fruits to be equitably distributed.

Governments must demonstrate the benefits of trade

As a leader who personally negotiated trade deals to conclusion during his time in office as the Prime Minister of Canada, Mr Harper shared, frankly and openly, his views on the current circumstances and challenges surrounding international trade. He offered his assessment that post-Cold War, it was trade that lifted nearly 1 billion people on the planet out of poverty, and has made our current era the most successful one in the history of humanity in terms of economic and social advancement.

Mr Harper also stressed that trade deals must not be approached dogmatically due to the complexities involved. Apart from his own experiences in trade negotiations, and his understanding as an economist, Mr Harper spoke of a real interest to advance and protect. Mr Harper mentioned that governments need and should specifically demonstrate to its people the benefits of trade agreements, such as how incomes will grow, consumer choices will increase or how opportunities will improve.

Brexit and Trump are symptoms of the current problems

A spectrum of issues with the current approaches to trade and its existing system was pointed out by Professor Tania Voon. This includes failures at both an international and domestic level (in many countries), to deal with the costs of adjustments and disruptions, which can lead to not just inequality within a country, but also between countries. These costs are further amplified by the digital revolution, and by societal changes in labour markets. Professor Voon also shared that Brexit and Trump are simply symptoms of problems within the current system, which is widespread across the globe.

"Fair trade is rarely fair; and free trade is never free"

Prominent businessman Mr Ho, lauded as one of Singapore's leading entrepreneurs, gave the final speech and contrasted the preceding speakers of the Dialogue with several deliberately provocative viewpoints. Mr Ho's opening line alone was stirring – "fair trade is rarely fair; and free trade is never free". Mr Ho addressed topics from Donald Trump's antipathy, to the need for a rules-based approach to international trade.

An engaging panel discussion steered by the Global Vice-Chair and ASEAN CEO of Dentons Rodyk, Mr Philip Jeyaretnam, SC followed. The audience seized the opportunity to raise perceptive questions during this discussion, with specific concerns regarding how best to adapt to a digital economy, and the impact that global economic openness can have for future generations. Rather than skirting around these difficult issues, the panel was impressively forthcoming, with each of the different panellists offering their input from their own specialised fields.

The Dentons Rodyk Dialogue 2018 demonstrated that there is a multitude of legal issues in relation to international trade that transcends both public and private law spheres. Even in the age of Brexit and Trump, globalisation remains a key driver of economic progress, but en route we can certainly expect the unexpected.

There were close to 400 attendees from corporates, government and law firms who turned up for the Dialogue.

The Dentons Rodyk Dialogue 2018, the second partnership between Dentons Rodyk and Singapore Management University's Centre for Cross-Border Commercial Law in Asia, was successfully concluded on Tuesday, 8 May 2018.


Dentons Rodyk acknowledges and thanks Xiao Tong Lim and our Marketing department for their contribution to the article.

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