Thailand and Singapore have strengthened economic ties through new trade agreements and investment commitments following the 7th Singapore-Thailand Enhanced Economic Relationship (STEER) Meeting in Singapore on March 14. Minister of Commerce Pichai Naripthaphan led discussions that resulted in expanded export opportunities for Thai rice and free-range eggs, as well as the signing of five Memorandums of Understanding (MOUs) to enhance bilateral cooperation. The meeting was co-chaired by Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng.
The five MOUs signed during the STEER Meeting cover digital trade, consumer protection, livestock trade regulations, financial technology, and intellectual property cooperation. These agreements will enhance e-commerce opportunities for Thai businesses, improve investment access in capital markets, and strengthen cross-border trade regulations between the two nations.
To accelerate market expansion for Thai agricultural products, Thailand is working to expand Singapore’s import quota for Jasmine rice and other rice varieties to accommodate growing demand. In addition, Singapore has agreed to send an inspection team to Thailand to certify poultry farms for the export of free-range eggs.
Beyond trade, Thailand invited Singaporean businesses to expand investments in clean energy, electronics, financial services, and IT workforce development. Singapore welcomed the proposal and announced plans to host the Singapore Regional Business Forum in Thailand, bringing in business leaders and investors from over 30 countries. The event is expected to create new opportunities for Thai small and medium-sized enterprises looking to integrate into global supply chains.
