Keynote Address by Senior Minister of State for Law and Transport Mr Murali Pillai SC at the General Counsel Summit Asia 2026 by Economist Impact

15 October 2026 Posted in Speeches

Moral Anchors and Business Value: The GC in Asia’s Legal Future

Opening

1.                 I would like to begin by thanking Economist Enterprise for the invitation to join you this morning, and for convening this critical conversation. To the General Counsel and legal leaders gathered here today, welcome, and thank you for being here. Amongst you are representatives of a number of organisations I used to act for during my almost 30-year practice as a disputes lawyers in Singapore. Most of the GCs I interacted with, however, appear to have retired. I am glad, nonetheless, for the more youthful audience we have today. 

The Rise of Unpredictability

2.                 We meet at a remarkable moment for Asia. The region continues to be the world’s engine of growth. Home to some of the fastest-growing economies, dynamic financial and technology sectors, and a rising middle class, Asia represents a powerhouse of economic opportunities. But opportunity alone is not enough. Whether Asia fully realises its potential will depend on many factors, including how well we deal with the unpredictability and geopolitical vagaries of our public life.

3.                 For example, since April 2025, US President Donald Trump has been imposing a sweeping set of tariffs on imports from almost all countries. These tariffs, and the prospect of further measures, are weighing on business decisions and adding to uncertainty globally and in our region.    

4.                 Against the backdrop of geopolitical uncertainty, the Economist Intelligence Unit, or EIU, issued a series of largely gloomy forecasts in October 2025 for Asia’s economic outlook in 2026. For example, it predicted that Asia’s exports would “sink markedly over the coming months”, following an earlier rush by manufacturers to front-load shipments to the US ahead of anticipated tariff increases.

5.                 It also revised down its real GDP growth forecasts from April 2025 for every major Asian economy except China, while forecasting lower interest rates. These were pessimistic scenarios.

6.                 However, reality showed up quite differently from these earlier predictions. As we enter the final quarter of 2026, we note that these forecasts have largely failed to materialise. Recent analysis by S&P Global shows that Asian exports have continued to trend upwards, largely driven by strong technology exports.

7.                 Real GDP growth has also strengthened across many Asian economies, while China, which had its growth forecast revised upward, had instead experienced a slowdown.

8.                 Contrary to expectations of lower borrowing costs, many central banks have been raising interest rates, with inflationary pressures such as the ongoing crises in Iran pushing up energy and food prices.

9.                 Growth in the first half of 2026 has been strong - Vietnam 8%, Singapore, Malaysia, Indonesia – all around 5%. This is especially remarkable for Singapore, a mature economy.

10.             Our port also did well – about a 4.5% increase in container handling compared to the same period last year. 

11.             How do we interpret all this? First, there is clearly opportunity amidst challenges. Second, in an unpredictable environment, there is an even more important role for the Rule of Law.

Law and Predictability

12.             That predictions sometimes go awry cannot be faulted – and I am not saying this just because I am friends with the EIU. No matter our computing power, the density of our data, the sophistication of our models, there is a chance we will get things wrong.

13.             And here is where the Rule of Law can get things right. The power of law does not derive from the predictability of events, but from the fair, just and unwavering application of the law.

14.             Indeed, it is the very unpredictability of life that requires our commitment to the Rule of Law. It is this commitment which leads to trust in our legal ecosystem.

15.             There are encouraging signs, that efforts to build stronger legal and governance foundations are gaining ground. ASEAN leaders have continually reaffirmed their commitment to a rules-based regional order, the peaceful settlement of disputes, and adherence to international law, across key domains such as maritime, digitalisation and trade.

16.             There is also tangible progress towards the harmonisation of rules in these domains. For example, ASEAN Senior Law Officials have established a Working Group to facilitate the Harmonisation of Trade Laws, covering arbitration, mediation, international sale of goods and e-commerce. Another notable milestone is the ASEAN Digital Economy Framework Agreement, which is scheduled to be signed in November this year, signalling a significant step towards harmonised digital economy rules across ten ASEAN jurisdictions.

17.             These developments demonstrate that the political will to build stronger foundations is ever present.

18.             My central argument today is this: Asia’s next chapter of success will not be written by its growth prospects alone; it will also be defined by our legal and governance foundations.

What businesses need: A trusted ecosystem

19.             So what are these foundations? I would suggest three things: First, sound governance and capable institutions. Second, legal harmonisation that enables businesses to operate across borders with confidence.  And third, commitment to the Rule of Law, which ensures that disputes will be fairly resolved, and that the rules will not change arbitrarily.

20.             Take intellectual property as an example. Between 2015 and 2024, ASEAN patent filings grew by an annual average of 2.3%, industrial design filings by 5%, and trademark filings by 7.6%. These are clear signs of a region in which innovation and intangible assets are becoming increasingly important to business growth.

21.             But filing activity alone does not translate into value. Businesses need to have confidence that their ideas, creations, inventions and brands will be recognised and protected. A business that builds its competitive advantage on proprietary technology cannot afford to have that advantage eroded the moment it crosses a border. It must trust that its rights will be recognised and enforced fairly across jurisdictions.

22.             This is precisely where regional cooperation matters. Through the ASEAN Working Group on Intellectual Property Cooperation and the ASEAN Intellectual Property Rights Action Plan, ASEAN is working towards greater convergence on IP laws, policies and protection measures, helping to foster a more predictable environment that gives businesses more confidence. And as the rules-based international order becomes increasingly challenged, such regional consensus offers some assurance that multilateralism remains possible and would help to build a more resilient global architecture.

Singapore and our legal history

23.             In Singapore this year, we commemorate 200 years of our modern legal system which began with the Second Charter of Justice in 1826. In an increasingly fragmented world, Singapore is cleaving ever more closely to the Rule of Law which has given us two important public values – predictability and neutrality. 

24.             As I said earlier, the Rule of Law grants predictability. Jurisdictions that attract long-term investment are often those where businesses can reasonably predict how rules will be applied five or ten years from now.

25.             It also grants neutrality. In the 2025 Queen Mary University of London and White & Case International Arbitration Survey, Singapore was ranked the second most preferred seat of arbitration globally, and the Singapore International Arbitration Centre was ranked the second most preferred arbitral institution globally.

26.             These two values would be empty without our commitment to enforcement, both domestically and through our international commitments. Rights recognised are upheld in practice.

27.             Predictability, neutrality and enforceability - these qualities are not unique to Singapore. They are conferred to all with a commitment to institutions and respect for the Rule of Law.  And with this commitment, Asia would be well-positioned to seize opportunities and become a global economic powerhouse.

The GC’s role in shaping Asia’s legal future

28.             This brings me to the GCs and legal leaders in this room.  You need to embrace new roles in a new world. You will have significant responsibility and an exciting sojourn.

29.             You already acting as gatekeepers for your corporations. You must be a moral anchor. Regulators across the region are developing frameworks for AI governance, digital assets, data sovereignty, and investment screening. As GCs operating across multiple jurisdictions, you will have a unique vantage point of how such regulatory frameworks interact with commercial reality. I encourage you to actively engage regulators and contribute to shaping rules that are just, fair, effective, practical and trusted.  

30.             Such rules must go beyond legal compliance. They must foster cultures of integrity, accountability and responsible decision-making.  

31.             You will have an outsized contribution to business value. You will build bridges across jurisdictions. As businesses expand across Asia, GCs are uniquely positioned to understand how different legal and regulatory regimes interact. By identifying areas of convergence, and supporting legal harmonisation, you can help reduce cross-border friction and strengthen trust across the region’s business ecosystem.

32.             You will govern technology. Artificial intelligence is transforming business at an extraordinary pace, but questions around accountability, transparency, and bias often remain unresolved. The role of a GC is increasingly to help organisations navigate these issues responsibly and to ensure that innovation is accompanied by trust, and that technological progress does not happen at the expense of public confidence.

Closing: The Question for Asia

33.             Let me conclude with a thought that I hope will stay with you beyond this morning. There is no question that Asia has the ambition and the preconditions for economic growth. We have seen this happen despite the most dire predictions. But moving ahead, we need to build foundations that will match our economic ambitions. Many of these foundations will be built not in courtrooms or government offices, but in the decisions made by the leaders in this room.

34.             In an unpredictable world, we need to seek anchors and certainty. These are to be found in the laws which we make and enforce, and in the legal professionals who interpret and apply them.

35.             Today, the Rule of Law stands as an immovable anchor. And the role of a GC is to rise to meet this moment.  You must provide expertise, professional advice but even more – you must now stand as a moral anchor of institutional trust and a contributor to business value. 

36.             Thank you.

Last updated on 15 October 2026