Parliament to hear three ministerial statements on impact of Middle East war on Singapore
Minister for Trade and Industry Gan Kim Yong, Senior Minister of State for Finance Jeffrey Siow and Minister for Home Affairs K Shanmugam will deliver statements on the fallout from the Middle East conflict.
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SINGAPORE: The impact of the Middle East conflict on Singapore will be a key focus when parliament sits on Tuesday (Apr 7), with three ministerial statements scheduled to be delivered on the matter.
More than 70 oral and written questions related to the conflict and its fallout have been filed by Members of Parliament. The questions cover issues such as the increase in prices of fuel and electricity, as well as the impact on Singapore's liquefied natural gas (LNG) supply and the inflationary effects on businesses and households.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow and Coordinating Minister for National Security and Minister for Home Affairs K Shanmugam are set to address these questions in their ministerial statements.
The impact of the war on Iran has been far-reaching, with Prime Minister Lawrence Wong warning last week of “severe consequences” if Middle Eastern energy sources and supply routes remain constrained for an extended period.
Singapore has convened a ministerial committee to respond to the ongoing Middle East conflict, with Mr Shanmugam appointed as the chair.
Besides focusing on energy disruptions and rising fuel prices, the committee will also look at the wider supply shocks, security, and diplomatic issues arising from the conflict.
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On the impact of the Middle East war, MP Hazlina Abdul Halim (PAP-East Coast) asked what the government’s projections on electricity price increases are over the next six to 12 months, as well as what measures are in place to shield households from sudden spikes in electricity prices.
MP Foo Cexiang (PAP-Tanjong Pagar) asked whether there has been any significant impact on sectors besides the oil and gas industry, and what support measures will be implemented to assist businesses facing price and supply challenges.
MP Pritam Singh (WP-Aljunied) wanted to know the government’s contingency plans if there is a disruption in energy supplies or a prolonged period of high energy prices.
Besides the impact of the Middle East conflict on Singapore, other issues on the agenda include telecommunications network disruptions as well as the impact of a US investigation into excess industrial capacity.
TELECOMMUNICATIONS NETWORK DISRUPTION
Regarding the recent Singtel network outage, MP Ang Wei Neng (PAP-West Coast-Jurong West) asked whether the Ministry of Digital Development and Information is aware of any disruptions to emergency or essential services.
He also asked what measures are being considered by the Infocomm Media Development Authority (IMDA) to prevent or minimise similar incidents in the future.
Singtel users reported mobile disruptions for three consecutive days from Mar 16 to Mar 18, with the first disruption lasting nine hours.
NMP Neo Kok Beng also asked whether the ministry will consider introducing regulations to require telecommunications networks to facilitate temporary mobile service switches to subscribers affected by disruptions.
MP Melvin Yong (PAP-Radin Mas) filed a question on whether IMDA will review and strengthen its requirements on telecommunications network resilience, including ensuring that failover systems are robust and effective under real-world conditions.
US SECTION 301 INVESTIGATION
Also on the agenda - the impact of the US Section 301 investigation of unfair trade practices on Singapore.
The US last month launched investigations into excess industrial capacity in 16 major trading partners and into forced labour, including Singapore.
Singapore’s Ministry of Trade and Industry highlighted a discrepancy between the trade surplus recorded by the United States Trade Representative’s (USTR) Federal Register Notice and the trade deficit recorded by the US Bureau of Economic Analysis.
The ministry affirmed that Singapore runs a trade deficit with the United States, and will engage its US counterpart to seek further clarification on the trade data and on the Section 301 probe.
NMP Mark Lee asked whether there may be potential implications for Singapore’s trade-oriented industries and which sectors may face heightened scrutiny or trade risks.
He also wanted to know what guidance would be provided to help businesses prepare for possible actions arising from such investigations.
MP Dennis Tan (WP-Hougang) asked what progress has been made in consultations with the USTR regarding the discrepancy between the reported bilateral trade surplus in the USTR Federal Register Notice and the deficit recorded by the US Bureau of Economic Analysis.
MP Saktiandi Supaat (PAP-Bishan-Toa Payoh) asked what the potential economic impact on Singapore could be, as well as whether the investigation could impact key export sectors such as electronics, semiconductors and precision engineering.
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