SINGAPORE: Singapore and Thailand signed five Memorandums of Understanding (MOUs) on Friday (Mar 14) as both countries marked 60 years of diplomatic relations.
Singapore’s Second Minister for Trade and Industry Tan See Leng and Thailand’s Minister of Commerce Pichai Naripthaphan witnessed the signing of the MOUs on the sidelines of the 7th Singapore-Thailand Enhanced Economic Relationship (STEER) Ministerial Meeting.
The agreements are:
- MOU on consumer protection between the Consumers Association of Singapore (CASE) and Thailand’s Office of Consumer Protection
- MOU on facilitating and promoting cross-border e-commerce between Shopee (Thailand) and the Thai Ministry of Commerce’s Department of International Trade Promotion (DITP)
- MOU on developing a fintech platform between iFAST Corporation Limited and TSFC Securities Public Company Limited
- MOU on facilitating trade between the Meat Traders Association (Singapore) and Thailand’s Swine Producers and Processors for Exporting Association
- MOU on facilitating trade between the Meat Traders Association (Singapore) and Thai Broiler Processing Exporters Association
“These collaborations build on the existing strong business ties between Singapore and Thailand and signal the interest from the private sector of both countries in fostering partnerships for mutual growth,” said the Ministry of Trade and Industry (MTI) in a press release.
The ministers also witnessed the exchange of the 2025 to 2027 workplan on intellectual property collaboration between the Intellectual Property Office of Singapore and Thailand Department of Intellectual Property.
60 YEARS OF RELATIONS
Singapore and Thailand celebrate 60 years of diplomatic relations this year, said MTI. Both ministers co-chaired the STEER ministerial meeting on Friday in Singapore.
They reaffirmed long-standing bilateral economic cooperation and welcomed partnerships between Singapore and Thai businesses.
MTI said the meeting also saw good progress on discussions about agri-trade, investments, digital economy, intellectual property, carbon credits and cruise tourism collaboration.
“Singapore companies have also found good partners in Thailand to expand into new areas such as electric vehicles, fintech and MedTech,” the ministry added.
Dr Tan, who is also Manpower Minister, said: “Singapore and Thailand are close bilateral economic partners … This year, we have strengthened the business linkages between our countries, tapping on our complementary strengths for win-win outcomes for both our economies.
“As we mark 60 years of diplomatic relations, I look forward to deepening our partnership for another 60 years and beyond, to capture new opportunities for our businesses and people.”
Thailand was Singapore’s ninth-largest trading partner in 2024, and Singapore’s third-largest in Southeast Asia, with bilateral trade between them reaching S$44.5 billion.
In 2024, Singapore’s exports to Thailand registered an increase of 14.2 per cent to S$29.3 billion, while Singapore’s imports from Thailand amounted to S$15.2 billion.
Singapore was also Thailand’s largest source of foreign direct investment in 2024, with 357.5 billion baht (USS$14.25 billion), amounting to 43 per cent of Thailand’s total FDI applications.