DPM Lawrence Wong to attend G20 meetings in Bali from July 14 to 16

SINGAPORE — Deputy Prime Minister Lawrence Wong will be in Bali, Indonesia, to attend various meetings associated with the Group of 20 major economies (G20) from Thursday (July 14) to Saturday. 

Mr Wong, who is also Finance Minister, will be attending the G20 Third Finance Ministers and Central Bank Governors Meeting, as well as associated events, the Ministry of Finance (MOF) said in a statement on Wednesday. 

It will be Mr Wong's first official overseas trip as Deputy Prime Minister. 

"The G20 Finance Ministers and Central Bank Governors will discuss the state of the global economy; pandemic preparedness, prevention and response; and the development of sustainable finance and sustainable infrastructure." 

The G20 comprises 19 major advanced and emerging economies and the European Union. Although Singapore is not a G20 member, it is periodically invited to participate in G20 summits and the organisation's related processes. 

The main G20 meeting for heads of state and government will be held in November.

Indonesia, a G20 member, is chairman this year. Other member countries include China, India, Japan, Russia, South Korea and the United States.

Mr Wong will also take part in the Asia Initiative Ministerial Meeting, which is organised by the Global Forum on Transparency and Exchange of Information for Tax Purposes, and sign the Bali Declaration on Thursday.

"The declaration reinforces our commitment to encourage the adoption and implementation of internationally agreed standards for tax transparency for a sustainable mobilisation of domestic resources. This will help combat tax evasion and support effective domestic administration of taxes," MOF said. 

Mr Wong will also sign an updated memorandum of understanding on cooperation between Singapore and the Asian Development Bank (ADB), a regional development bank with 31 offices around the world. It aims to promote social and economic development in Asia. 

"The memorandum of understanding, which updates the previous one signed in 2012, focuses on raising private capital for infrastructure financing; as well as finding new and innovative approaches to address challenges like climate change and energy transitions in Asia," MOF said. 

Mr Wong will be accompanied by officials from MOF and the Monetary Authority of Singapore on the trip, the ministry added.