Asia will remain a “beacon of growth opportunities” despite escalating global trade tensions, according to Singapore’s Deputy Prime Minister Gan Kim Yong.

“Even if some of us in Asia may not be directly affected, the impact of rising tariffs and trade wars could cause major disruptions to supply chains, slow down trade and investment flows and significantly set back the growth of global economy,” Gan said at CNBC’s CONVERGE LIVE in Singapore on Wednesday.

This is a developing story. Please refresh for updates.