SINGAPORE: World trade issues dominated the opening day of the Bloomberg New Economy Forum (NEF) in Singapore, with some speakers at the event expressing optimism that rising tensions between the US and China might not prove a stumbling block to global growth.
Wang Qishan, vice president of China, defused worries with an apparent olive branch offered to US President Donald Trump. “Both sides will gain from co-operation and will lose from confrontation,” he said in the keynote address.
“On trade, China will stay calm and will be open to negotiation. China is ready to have discussions with the USA on areas of mutual concern, and reach a solution satisfactory to both sides,” he added.
In the opening speech, Michael Bloomberg, founder of the global media group that has organized the NEF, quoted Henry Kissinger, former US secretary of state who was also at the event; “Talk is good. If you’re talking, you’re not fighting.”
The Chinese politician underlined, however, that his country was “firmly against unilateralism and trade protectionism” — terns that have become a coded reference to the tariffs erected by Trump on Chinese imports. He also condemned the “cold war mentality and power politics,” in another veiled reference to the US.
“Such rapid changes have split some countries and societies. The polarization of right-leaning populism has manifested itself in political demands, which has led to unilateral policies against globalization and seriously affected the international political ecosystem,” Qishan added.
Peter Mandeslon, a former British trade minister, said that the World Trade Organization — the global regulatory body under attack by Trump — was “at a crossroads” but that it was not necessarily doomed. “There is a risk of collapse but we are not quite at that point yet,” he said.
He said that the reasons the WTO was in trouble was as much for political as of economic reasons. “People are turning against trade because they feel they are not getting their fair share of the pie. The politics has got to work better if we’re going to restore confidence in trade,” he said.
Mandelson said that China was a “huge issue” for world trade.
DBS Group, the Singaporean bank that is one of the biggest trade finance facilitators in Asia, downplayed the effects so far of US-China confrontation on trade.
Piyush Gupta, the DBS chief executive, said: “The direct effect will not be very material. It is very hard to shift supply chains,” adding that fears of a trade war between the two biggest economies in the world had been “somewhat overblown.”
A session on the Chinese “belt and road” initiative also heard fears about the spreading influence of China in its dealings with central Asia, the Middle East and Africa via the huge infrastructure investment program it has launched.
Some countries — including Malaysia, Sri Lanka and Pakistan — have expressed fears over the leverage China had on their economies as a result of the initiative.
Robert Blackwell, former US ambassador to India, said China should work more closely with partner governments to alleviate the concerns and employ more local labor. “But will they do that? I doubt it,” he added.
China-US trade tension dominates opening day of Bloomberg New Economy Forum
China-US trade tension dominates opening day of Bloomberg New Economy Forum
- China vice president firmly against 'unilateralism'
- Mandelson says WTO at a 'crossroads'
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
