On 16 September 2025, Singapore and 13 other small- and medium-sized countries issued a Joint Declaration to establish the Future of Investment and Trade (“FIT“) Partnership, a new international initiative committed to:
- Open and fair trade: (i) affirming the need for principles of open and fair trade and the adherence to the rules-based trading system; and (ii) addressing contemporary and emerging trade issues.
- Inclusive and sustainable growth: (i) supporting inclusive growth through enhancing access to resources and technology; and (ii) enhancing foreign direct investment flows with the aim of fostering greater and more sustainable growth.
The FIT Partnership intends to:
- Agenda: Champion a forward-looking trade agenda, address emerging challenges and opportunities in trade and investment, and promote dialogue between public and private stakeholders.
- Initiatives: Develop solutions-oriented initiatives to strengthen the rules-based trading system.
- Influence: Amplify the collective influence of its members on the global stage.
- Principles: Adhere to the following key principles:
- supporting and abiding by the rules-based multilateral trading system;
- maintaining an open and fair trading environment as well as minimising and removing unnecessary barriers to trade and investment;
- promoting transparency and predictability in trade and investment policies;
- facilitating a level playing field for businesses;
- engaging, as appropriate, in multi-stakeholder approaches;
- promoting collaborative solutions in emerging trade-related issues; and
- facilitating and enabling cross-border investment to drive economic growth and resilience.
- Priorities: Serve as an agile and informal platform to foster cooperation between private and public partners and catalyse new initiatives that address emerging challenges and opportunities in the following four priority domains, where it will develop concrete actions to advance these priorities:
- supply chain resilience;
- investment facilitation;
- non-tariff barriers and trade facilitation; and
- trade technology, recognising this priority area as a horizontal enabler that can reinforce and enhance progress across all the priorities.
The FIT Partnership is a timely development in today’s economic climate. In recent years, global trade developments have significantly strained the rules-based trading system, threatening to fragment markets, dampen global economic growth and heighten inflationary and unemployment pressures. These developments have been particularly concerning for small, medium and trade-dependent countries like Singapore, which rely on an open and level playing field for growth and development. Against this backdrop, the founding members of the FIT Partnership are Singapore, Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Switzerland, the United Arab Emirates and Uruguay. As the FIT Partnership grows, it will invite other countries interested in its objectives and willing to uphold its principles to join, ensuring that the initiative remains inclusive, agile and adaptable to a rapidly changing global landscape.
The establishment of the FIT Partnership signals a significant opportunity for businesses, particularly those operating in or trading with small- and medium-sized economies. By prioritising open and fair trade, reducing non-tariff barriers, and enhancing supply chain resilience, the initiative aims to create a more predictable and transparent trading environment. This can lower operational risks and costs for businesses, facilitate smoother cross-border transactions, and open up new markets for expansion. Further, the focus on inclusive and sustainable growth as well as investment facilitation may also lead to increased access to resources, trade technology, and foreign direct investment, thereby fostering innovation and expansion opportunities for such businesses.
Businesses are encouraged to stay informed on developments relating to the FIT Partnership. In particular, a set of concrete initiatives are expected to be endorsed and announced at the inaugural FIT Partnership Ministerial Meeting to be hosted by Singapore on the sidelines of the Bloomberg New Economy Forum from 19 to 21 November 2025.
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