Singapore, Thailand set to deepen cooperation in trade, tourism and digital economy
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Manpower Minister and Second Minister for Trade and Industry Tan See Leng (left) with Thailand's Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit in Bangkok.
PHOTO: TAN SEE LENG/FACEBOOK
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SINGAPORE - Singapore and Thailand will deepen engagement in areas like trade and investment, tourism cooperation, as well as in newer areas such as the digital economy, innovation and sustainability.
The agreements came off the back of the sixth Singapore-Thailand Enhanced Economic Relationship ministerial meeting in Bangkok on Tuesday and Wednesday, which was co-chaired by Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, and Mr Jurin Laksanawisit, Thailand's Deputy Prime Minister and Minister of Commerce.
Among the agreements made was the establishment of the Cruise Tourism Task Force to develop a clear road map on bilateral initiatives to drive cruise tourism between Singapore and Thailand.
Both tourism ministries will work on the terms of reference of the task force, with teams from both countries targeted to be finalised by December.
Dr Tan and Thai DPM Jurin also agreed to work towards the development of an Implementation Agreement and to identify potential carbon credit projects for collaboration, before the United Nations Climate Change Conference (COP-28) in 2023.
Separately, a memorandum of cooperation (MOC) and four memorandums of understanding (MOU) between Singapore and Thailand entities were signed on the sidelines of the ministerial meeting.
"The good progress we made at the meeting will propel our friendship to greater heights and benefit Singapore businesses looking to explore the Thailand market, and vice versa," said Dr Tan.
The MOC between the Intellectual Property Office of Singapore and Thailand's Department of Intellectual Property will see cooperation in various areas, including establishing a collaborative programme to support entrepreneurs and innovators in both countries seeking speedier intellectual property protection in the region.
Among the MOUs, the Meat Traders' Association of Singapore signed agreements with both the Thai Broiler Processing Exporters Association and the Swine Producers and Processors for Exporting Association of Thailand.
With the former, the MOU is to promote cooperation on projects pertaining to chilled and frozen poultry meat and further processed products, and facilitate trade and flexible import regulations.
The latter MOU is to promote project cooperation on chilled and frozen pork, and in areas such as expanding sourcing networks and improving product quality.
Thailand was Singapore's ninth-largest trading partner in 2021, with bilateral trade between the countries hitting $34.1 billion - a 3.6 per cent increase from 2020.
Singapore was also Thailand's largest foreign investor in 2020, at US$1.8 billion (S$2.6 billion). Investments were predominantly in financial and insurance services, manufacturing, wholesale and retail trade and real estate.
