The two nations reaffirmed economic cooperation and signed new agreements on consumer protection, e-commerce, fintech, and trade, strengthening business partnerships for mutual growth.

Singapore and Thailand commemorated 60 years of diplomatic relations with the 7th Singapore-Thailand Enhanced Economic Relationship (STEER) Ministerial Meeting held on 14 March 2025 in Singapore. The meeting was co-chaired by Second Minister for Trade and Industry Dr. Tan See Leng and Thailand’s Minister of Commerce Pichai Naripthaphan, who reaffirmed the two nations’ strong bilateral trade and investment ties.

Thailand remains Singapore’s third-largest direct investment destination in ASEAN, with investments valued at S$41.8 billion as of 2022. Singaporean businesses have also found promising opportunities in Thailand in emerging sectors such as electric vehicles, fintech, and medtech. Discussions at the meeting also covered agri-trade, investments, digital economy, intellectual property, carbon credits, and cruise tourism collaboration, highlighting areas for further cooperation.

At the sidelines of the meeting, the Ministers witnessed the exchange of the 2025-2027 Workplan on Intellectual Property Collaboration between the Intellectual Property Office of Singapore and Thailand’s Department of Intellectual Property. Additionally, five Memoranda of Understanding (MOUs) were signed to strengthen bilateral business ties:

  • MOU on consumer protection between the Consumers Association of Singapore (CASE) and Thailand’s Office of Consumer Protection.
  • MOU on cross-border e-commerce between Shopee (Thailand) and Thailand’s Department of International Trade Promotion (DITP).
  • MOU on fintech platform development between iFAST Corporation Limited and TSFC Securities Public Company Limited.
  • MOU on facilitating meat trade between Singapore’s Meat Traders Association and Thailand’s Swine Producers and Processors for Exporting Association.
  • MOU on poultry trade facilitation between Singapore’s Meat Traders Association and Thai Broiler Processing Exporters Association.

These agreements build upon existing strong business partnerships between Singapore and Thailand, demonstrating the private sector’s commitment to expanding economic collaboration and fostering long-term growth.

Second Minister Tan highlighted the importance of these developments, stating, “Singapore and Thailand are close bilateral economic partners. I am heartened to note the good progress made at the 7th STEER Ministerial Meeting. This year, we have strengthened business linkages, tapping on our complementary strengths for win-win outcomes. As we celebrate 60 years of diplomatic relations, I look forward to deepening our partnership for another 60 years and beyond.”

Economic collaboration between the two nations continues to grow. Thailand was Singapore’s ninth-largest trading partner in 2024, and third-largest in ASEAN, with bilateral trade reaching S$44.5 billion. Singapore’s exports to Thailand increased by 14.2% to S$29.3 billion, while imports from Thailand totaled S$15.2 billion. Singapore also remains Thailand’s largest source of foreign direct investment (FDI), contributing S$14.25 billion (357.5 billion baht) in 2024, accounting for 43% of Thailand’s total FDI applications.

With these new agreements and continued economic collaboration, Singapore and Thailand are set to strengthen their long-standing trade and investment partnership, ensuring sustained growth and mutual prosperity for businesses and people in both countries.

Source – MTI