Singapore (Commonwealth Union)_ Malaysia and Paraguay have become the newest entrants to the Future of Investment and Trade (FIT) Partnership, a grouping that now brings together 16 small and medium-sized economies seeking to uphold fair, predictable, and open trade at a time when the global system faces mounting pressures. The two countries were formally welcomed during the partnership’s first in-person ministerial meeting, held on Nov 18 at the Shangri-La in Singapore. The ministers gathered in Singapore issued a non-binding declaration focused on strengthening supply chain resilience. Their aim is to improve coordination among members so they can identify and respond more quickly to major disruptions, an issue that gained urgency after the Covid-19 pandemic exposed how fragile global networks could be.
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The declaration was endorsed by 13 members: Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Malaysia, New Zealand, Norway, Panama, Singapore, Switzerland, the United Arab Emirates, and Uruguay. Morocco, Rwanda, and Paraguay attended the meeting but chose not to sign on to the supply chain statement for now. One of the guiding principles of the FIT Partnership is what ministers call “flexible geometry.” Unlike many conventional trade agreements, where all members move in a standard procedure, the FIT model lets countries advance on specific initiatives at their own pace. Those willing to commit early can do so, without shutting the door on others that may join later.
The meeting also drew interest from beyond its membership. Representatives from Australia, Canada, Indonesia, Peru, the Philippines, and Thailand attended as observers to gain a better understanding of the group’s work and potential areas of collaboration. Singapore’s Trade and Industry Minister Gan Kim Yong, who co-chaired the gathering, welcomed Malaysia and Paraguay into the fold. He stressed that the partnership is not aimed at any particular country and is not a reaction to US tariff measures, noting that discussions on forming the FIT Partnership began two years ago, well before President Donald Trump returned to office.
Malaysia’s Deputy Minister of Investment, Trade and Industry, Liew Chin Tong, voiced support for the effort, saying the partnership brings together countries that want to build a more resilient and cooperative trading environment. Singapore currently serves as the coordinating partner for the group, a role that will shift to New Zealand in mid-2026. Auckland will host the partnership’s next ministerial meeting next year. At a press briefing following the discussions, Mr Gan said the supply chain declaration reflects the lessons countries learned during the pandemic, when many struggled to secure essential goods. Under the agreement, members commit to keeping supply chains open, diversified, and competitive and to avoiding broad trade-restrictive measures such as export bans or new tariffs during periods of severe disruption.
Ministers also agreed to launch three new workstreams: promoting digital and paperless trade, supporting a stronger rules-based trading system, and exploring how technology can help make global commerce more efficient. Mr Gan emphasized that the group does not intend to replace the World Trade Organization but to complement its work by giving like-minded smaller economies a platform to innovate and test new ideas. The FIT Partnership, established in September 2025, was designed as an informal and flexible platform for trade-dependent economies to cooperate on challenges ranging from supply chain security to investment facilitation. Members hope the initiative can also accelerate the adoption of “trade tech” tools, digital systems that use technologies such as artificial intelligence, blockchain, and the Internet of Things to improve transparency and speed in cross-border transactions.
While the partnership remains open to welcoming new members, Mr Gan said the group has agreed to pause the admission of additional countries for several months so it can focus on implementing the initiatives already announced. There is no fixed target number for membership, he added. Non-members may still participate in specific projects if at least 75 percent of members support their involvement. Mr Gan said Singapore sees the partnership as an important avenue for small and medium-sized countries to assert their interests and promote stability in global trade. By encouraging open participation and practical cooperation, he added, the group hopes to move quickly, experiment with new approaches, and stay adaptable amid shifting global dynamics.
