Minister Baerbock and Minister Balakrishnan reaffirm robust relations during the German Foreign Minister’s official visit to Singapore.
Singapore, 12 January 2024 – German Federal Minister of Foreign Affairs, Annalena Baerbock, conducted a working visit to Singapore, reinforcing the strong diplomatic ties between the two nations. The visit, hosted by Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan, included a dinner where both ministers discussed various aspects of the bilateral relationship.
During the meeting, Minister Baerbock and Minister Balakrishnan emphasized the multifaceted nature of the bilateral relations, particularly in finance, defence, science, technology, and education. Both leaders acknowledged the positive momentum in cooperation and high-level engagements between Germany and Singapore. Germany holds a significant position as Singapore’s largest goods trading partner within the European Union, with bilateral goods trade reaching S$24.9 billion in 2022, constituting nearly 22% of Singapore’s total trade in goods with the EU.
Singapore, boasting more than 2,200 German companies across various sectors such as chemicals, semiconductors, automotive, engineering, healthcare, and logistics, serves as a crucial business hub. The European Union-Singapore Free Trade Agreement (EUSFTA) and the EU-Singapore Investment Protection Agreement (EUSIPA) were highlighted as key pillars in the economic relationship between Singapore and the EU. Minister Balakrishnan expressed his welcome for Germany and the EU’s interest in expanding engagement with ASEAN, particularly in emerging areas like the digital economy, green technology, services, and supply chain resilience.
The EUSFTA, being the first trade agreement between the EU and an ASEAN member state, is considered a pathway for a potential ASEAN-EU Free Trade Agreement. Minister Balakrishnan encouraged more German companies to leverage Singapore as a gateway to explore the extensive economic opportunities available in Southeast Asia.
Source – MFA
