Meeting between PM Lee and Pres Andrés Manuel López Obrador (Photo: MCI)

Bilateral relations underpinned by the increased high-level interactions, growth in trade and investment flows

 

In a joint statement issued by Singapore and the United Mexican States governments, Prime Minister Lee Hsien Loong and Mexico’s President López Obrador noted the growing trade and investment cooperation between both countries. In 2018, bilateral trade amounted to over US$2.8 billion, making Mexico Singapore’s second largest trading partner in Latin America. Both leaders looked forward to the successful completion of the negotiations that will lead to Singapore becoming an Associate Member of the Pacific Alliance,a step that seeks to further enhance trade and productive investment for both countries, and supported the intention of concluding the process this year. They also underscored the importance of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a high-standard agreement already in force between Singapore and Mexico. President López Obrador also welcomed Singapore’s investments in Mexico, that totalled over US$871 million. A lot of  Singaporean companies are active in many sectors in Mexico, including energy, manufacturing, fintech, infrastructure, and hospitality.

Delegation meeting between PM Lee and Pres Andrés Manuel López Obrador, together with Ministers and officials from Singapore and Mexico (source: MCI)

 

Following is the Joint Statement between Singapore and the United Mexican States on the occasion of the PM Lee’s Official Visit:

  1. At the invitation of H.E. Andrés Manuel López Obrador, President of the United Mexican States, H.E. Lee Hsien Loong, Prime Minister of the Republic of Singapore, made an Official Visit to Mexico from 18 to 20 November 2019. Prime Minister Lee was accompanied by a delegation of ministers, parliamentarians, government officials and businessmen.
  2. Prime Minister Lee’s first official visit to Mexico underscored the growing bilateral relations between both countries, underpinned by the increased high-level interactions, and growth in trade and investment flows. It also reflected a shared determination to further expand bilateral cooperation.
  3. During the meeting between Prime Minister Lee and President López Obrador at the National Palace on 19 November 2019, both Leaders welcomed the growing trade and investment cooperation between Mexico and Singapore. In 2018, bilateral trade amounted to over US$2.8 billion, making Mexico Singapore’s 2ndlargest trading partner in Latin America. Both Leaders looked forward to the successful completion of the negotiations that will lead to Singapore becoming an Associate Member of the Pacific Alliance, a step that seeks to further enhance trade and productive investment for both countries, and supported the intention of concluding the process this year. They also underscored the importance of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a high-standard agreement already in force between Singapore and Mexico.
  4. President López Obrador welcomed Singapore’s investments in Mexico, which have totalled over US$871 million. Companies from Singapore are active participants in many sectors in Mexico, including energy, manufacturing, fintech, infrastructure, and hospitality.
  5. Both Leaders noted the participation of Singapore company Surbana Jurong in the development of the masterplan of Mexico’s Interoceanic Corridor, and agreed to explore future collaboration in areas such as logistics, finance and port management. President López Obrador highlighted the importance of this project, and its contributions to economic and social development across the Isthmus of Tehuantepec.
  6. Recognising Singapore’s position as a strategic hub in Southeast Asia and the strength of Mexico’s private sector, both leaders encouraged Mexican companies to leverage on Singapore as a gateway to explore the growth potential in Asia. At the same time, both leaders welcomed the business dialogue sessions that took place during this visit to strengthen the foundation for common understanding and collaboration between companies from both countries.
  7. The Leaders noted the growing exchanges in the fields of culture, technical cooperation, science and technology to enrich bilateral ties and deepen mutual understanding in recent years. A concrete example of this is the signing of a Research Collaboration Agreement in February 2018 between the A*STAR Singapore Immunology Network and the Centre for Research and Advanced Studies at the Mexican National Polytechnic Institute (CINVESTAV) on the study of Arbovirus Diagnostics.
  8. Both Leaders highlighted the multi-faceted nature of bilateral ties, and agreed on the importance of continuing efforts in increasing cooperation and exchanges. In this context, both sides welcomed the signing of the following agreements to promote greater collaboration:
  • Memorandum of Understanding between Ministry of the Environment and Water Resources of the Republic of Singapore and the Ministry of Environment and Natural Resources of the United Mexican States on Technical Cooperation in the Field of Water Resources.
  • The Agreement on Scientific and Technological Cooperation between the Agency for Science, Technology and Research of the Republic of Singapore and the Centre for Research and Advanced Studies at the National Polytechnic Institute of the United Mexican States.
  • The Memorandum of Understanding on Cultural Cooperation between the Ministry of Culture, Community, and Youth of the Republic of Singapore and the Ministry of Culture of the United Mexican States.
  • The Memorandum of Understanding in the Field of Industrial Property Cooperation between the Intellectual Property Office of Singapore of the Republic of Singapore and the Mexican Institute of Industrial Property of the United Mexican States .
  • The renewal of the Memorandum of Understanding between the Ministry of Foreign Affairs of the Republic of Singapore and the Ministry of Foreign Affairs of the United Mexican States on International Development Cooperation.
  1. Both Leaders welcomed more partnerships between our academic and cultural institutions, including Mexico’s interest to explore possible areas of collaboration with Singapore’s Civil Service College, as well as the establishment of an international office of the Monterrey Institute of Technology and Higher Education within the Nanyang Technological University in Singapore. Both Leaders also looked forward to the collaboration between the National Museum of Singapore and Mexico’s National Institute of Anthropology and History on an exhibition of Mexican history, art and culture in Singapore in October 2020.
  2. Both Leaders looked forward to the 45thanniversary of the establishment of diplomatic relations between Singapore and Mexico in 2020. They also encouraged regular high-level political dialogue, as well as more frequent and active exchanges between the respective ministries and agencies of both countries to further enhance the bilateral relationship.