Bilateral economic strength
Thailand continues to be a major trade partner for Singapore, with bilateral trade reaching SGD 44.5 billion in 2024. Singapore remains Thailand's top foreign investor, contributing SGD 14.25 billion in foreign direct investment last year.
Expanded IP cooperation
The Intellectual Property Office of Singapore (IPOS) and Thailand's Department of Intellectual Property exchanged a new workplan to advance cross-border IP collaboration from 2025 to 2027.
MOUs signed across sectors
Five MOUs were signed during the meeting, covering the following:
- Cross-border e-commerce (Shopee (Thailand) and Thai Ministry of Commerce's Department of International Trade Promotion)
- Consumer protection (Consumers Association of Singapore and Thailand's Office of Consumer Protection)
- Fintech platform development (iFAST Corporation Limited and TSFC Securities Public Company Limited)
- Meat and poultry trade (Meat Traders Association Singapore and two Thai food associations)
Growing business footprint
Several Singapore-based companies are expanding operations in Thailand across sectors such as clean energy, digital infrastructure, medtech and electric vehicles. Both governments expressed optimism about deepening trade, investment and innovation ties in the years ahead, leveraging their complementary strengths.
Key takeaway
The recent STEER Ministerial Meeting signals more than just a ceremonial milestone and reflects a maturing partnership that is pivoting toward future-ready sectors. The continued focus on intellectual property, digital trade facilitation and cross-border dispute resolution mechanisms reflects a shared vision of building a rules-based, innovation-friendly economic environment in Southeast Asia.
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