DPM Gan plans US visit to discuss tariffs, business opportunities for Singapore

SINGAPORE – Deputy Prime Minister Gan Kim Yong will travel to the US later in July to hold talks with his counterparts in the US administration, and to meet business representatives to explore opportunities for Singapore companies.

“This (trip) will allow us to get a better understanding of US concerns, their priorities, their interests, and to explore opportunities that we can work together on to strengthen the bilateral relationship that has so far been mutually beneficial,” he said during a press conference held by the Singapore Economic Resilience Taskforce on July 10.

While details of the trip are still being planned, DPM Gan said there are broadly three key objectives that he would focus on during his US visit.

The top priority will be to further the discussions on tariffs on pharmaceuticals being contemplated by the US administration. The US is a major destination for Singapore-based drugmakers that include American multinationals such as Pfizer and Johnson & Johnson.

DPM Gan said he will explore various ways to “facilitate trade between Singapore and the US on pharmaceuticals”.

Singapore is already in talks with the US Department of Commerce

on the issue of pharma tariffs

.

“As discussions with the US are ongoing, I will not be able to share more details at this point, but I will continue to keep you updated should developments happen, whenever possible,” he said.

“(The) second area is a broader discussion with the US administration, to better understand their priorities, areas of interest, and to see whether there are opportunities for us to strengthen bilateral economic relationship, both on investment as well as trade, and also to look at the technology cooperation between our two countries,” said DPM Gan.

“I think there are many areas that we can discuss from an economic point of view,” he added.

The third objective of his visit is to meet private sector representatives – business leaders as well as academics – to have an exchange of views to better understand their thinking, their plans, and to seek opportunities for cooperation.

“There are potential opportunities that our businesses here in Singapore can explore in the US, such as in AI technology and advanced manufacturing,” he said.

Responding to a question, DPM Gan said the discussions with the US Department of Commerce are focused on how the two sides can evolve a system of practices that are practical and implementable.

“Because, as you know, pharmaceuticals have a very complex supply chain and a very long supply chain. So, how can we make sure that we are able to continue to facilitate the trade between Singapore and the US with regard to pharmaceuticals – this is the focus of the discussion on pharmaceuticals.”

He added that Singapore and the US have not yet commenced any discussions on semiconductors – another major Singapore export that is also the subject of a US tariff investigation.

“I think this is something that will be at the back of our mind, and we will probably touch on semiconductors after we have settled the pharmaceuticals discussion with the Department of Commerce.”

DPM Gan, in response to another query, said: “We certainly look forward to the appointment of the American ambassador here in Singapore so that we can work with him to see how we can continue to further strengthen the mutually beneficial bilateral relationship between Singapore and US.”

Dr Anjani Sinha, US President Donald Trump’s nominee for ambassador to Singapore,

had a US Senate confirmation hearing on July 9

.

“It is not just economics. Our collaboration, our relationship is very broad-based – that includes defence, culture and people-to-people exchanges. So, there are many aspects of collaboration between Singapore and the US that we look forward to working with the new ambassador here in Singapore.”