Fireside chat highlights expanding trade relations and future opportunities under the Pacific Alliance–Singapore FTA

Singapore, 9 April 2025 – The Singapore Business Federation (SBF) convened a fireside chat at its headquarters with representatives from the Singapore-Mexico Chamber of Commerce and the Embassy of Mexico, joined by a visiting Mexican senator. The dialogue shed light on the fast-growing economic partnership between Singapore and Mexico, set against the backdrop of increasing bilateral trade and strategic cooperation.

The session celebrated the remarkable rise in trade volume between the two nations—from SGD 4 billion in 2019 to SGD 11.5 billion in 2024. It also served to reinforce mutual interest in the forthcoming Pacific Alliance–Singapore Free Trade Agreement, which is nearing ratification and poised to catalyse fresh commercial opportunities.

This latest engagement builds on SBF’s earlier initiatives, including a trade-focused visit to Mexico in 2023, where it explored investment avenues with local counterparts. The continued collaboration reflects a shared commitment to boosting connectivity between Southeast Asia and Latin America.

Mexico, Latin America’s second-largest economy and ranked 12th globally, commands a GDP of US$1.84 trillion and enjoys access to 52 countries through 14 Free Trade Agreements. Its strategic initiative, ‘Plan Mexico’, is expected to draw over US$277 billion in new investments across high-growth sectors such as manufacturing (US$88 billion), energy, and technology. With nearshoring trends accelerated by the United States-Mexico-Canada Agreement (USMCA), Singaporean businesses are well-placed to tap into these sectors with guidance from Enterprise Singapore and the Singapore-Mexico Chamber.

The discussion also spotlighted Mexico’s growing focus on innovation and education. A new cybersecurity law modelled after Singapore’s framework is in development, while enhancements in STEM education aim to position Mexico as a regional innovation hub.

While regulatory complexities were acknowledged, the forum underscored Mexico’s stable economic outlook, pro-trade policies, and ongoing infrastructure development. SBF affirmed its readiness to support Singaporean firms seeking to navigate and enter this dynamic market.

The SBF extended its appreciation to the Embassy of Mexico, the Singapore-Mexico Chamber of Commerce, and all stakeholders involved, recognising the value of their strong collaboration in strengthening bilateral economic ties.

Source: GoGlobalwithSBF