Thailand, Singapore deepen economic ties ahead of 60th anniversary

Commerce Minister Phumtham Wechayachai said on Tuesday that in a virtual meeting with his Singaporean counterpart Gan Kim Yong, both sides agreed to further enhance the two nations’ bilateral ties.

Next year will mark 60 years of Thailand-Singapore relations, which will be marked with the 7th  Thailand-Singapore Trade and Economic Relations (STEER) meeting. The meeting, which will discuss strategies for increasing trade value and expanding investments, will be held in Singapore after Thailand hosted the last STEER meeting in 2022.

Meanwhile, at the virtual meeting on Tuesday, Phumtham pushed for Singapore to support the registration of Thai organic egg farms, which are currently undergoing hygiene risk analyses by the Singapore Food Agency. Approval of Thai organic egg farms will give consumers in Singapore a wide range of choices, in addition to the fresh chicken and quail eggs Thailand already exports.

Singapore is Thailand’s biggest market for fresh hen eggs. Singapore’s Trade and Investment Minister Gan, who also holds the deputy PM’s post, agreed to follow up on this matter.

Commerce Minister Phumtham Wechayachai said on Tuesday that in a virtual meeting with his Singaporean counterpart Gan Kim Yong, both sides agreed to further enhance the two nations’ bilateral ties.

Next year will mark 60 years of Thailand-Singapore relations, which will be marked with the 7th  Thailand-Singapore Trade and Economic Relations (STEER) meeting. The meeting, which will discuss strategies for increasing trade value and expanding investments, will be held in Singapore after Thailand hosted the last STEER meeting in 2022.

Meanwhile, at the virtual meeting on Tuesday, Phumtham pushed for Singapore to support the registration of Thai organic egg farms, which are currently undergoing hygiene risk analyses by the Singapore Food Agency. Approval of Thai organic egg farms will give consumers in Singapore a wide range of choices, in addition to the fresh chicken and quail eggs Thailand already exports.

Singapore is Thailand’s biggest market for fresh hen eggs. Singapore’s Trade and Investment Minister Gan, who also holds the deputy PM’s post, agreed to follow up on this matter.

Apart from this, Phumtham, who also doubles as deputy PM, highlighted plans for both nations to collaborate and become the region’s digital pillar. They aim to finalise the ASEAN Digital Economy  Framework Agreement (DEFA), led by Thailand, by next year. 

Gan responded by expressing readiness to support Thailand’s participation in the Digital Economy Partnership Agreement (DEPA) and the WTO e-commerce agreement.

Thailand is also planning to expand its digital content market in Singapore, with the Commerce Ministry leading game and digital content providers at the Gamescom Asia 2024 in October and Asia TV Forum & Market Singapore 2024 (ATF 2024) in December in Singapore.

Apart from this, both parties have agreed to cooperate in the cruise tourism sector, recognising the potential for showcasing diverse and interconnected opportunities in the region.

In terms of cooperation on intellectual property, both sides agree on streamlining the examination and registration of patents, which aligns with Thailand's digital government policy.Singapore is Thailand’s third-largest trading partner in ASEAN. Last year, total trade between the two countries was valued at US$18.42 billion (653.22 billion baht), with Thailand having a trade surplus of $2.07 billion.

Thailand’s key exports to Singapore include:
Gems and jewellery
Refined oil
Electronic circuits
Computers and components
Processed chicken
Rice
Fresh chicken eggs
 
Major imports from Singapore include:
Chemicals
Computers and components
Gold
Electronic circuits
Plants and plant products