Thai Commerce Minister and Singapore DPM Boost Trade and Digital Ties

 

'Suphajee' and Gan Kim Yong hold video summit to finalise a rice trade pact, accelerate farm exports, and champion the ASEAN Digital Economy Framework.

 

Thailand's Commerce Minister, Suphajee Suthumpun, held a video conference with Singapore's Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, on Wednesday.

 

The high-level meeting focused on expanding trade and investment between the two nations, accelerating Thai agricultural exports, and driving regional digital economic integration.

 

Following the video conference, Suphajee confirmed that she and the Commerce Ministry's executive team had engaged in detailed remote discussions with Gan.

 

The primary goal was to strengthen Thailand-Singapore trade and investment cooperation, secure an accelerated conclusion to a rice trade agreement, and ensure the successful completion of negotiations for the ASEAN Digital Economy Framework Agreement (DEFA) to bolster the region's digital role.

 

The discussion underscored Thailand's commitment to deepening cooperation with Singapore, particularly in bilateral trade.

 

The minister highlighted Thailand's potential to expand its exports of agricultural products and food.

 

These exports are seen not only as meeting the demands of the Singaporean market but also as a key channel for accessing other international markets.

 

 

 

A significant outcome was the joint preparation of a cooperation agreement on the rice trade.

 

This is viewed as a crucial step in enhancing Thailand's rice commerce and ensuring food security for both nations.

 

The agreement is expected to be finalised and yield concrete results by November.

 

Suphajee also confirmed discussions with Singapore on accelerating the DEFA negotiations.

 

The framework is intended to fully propel the ASEAN region towards a digital economy.

 

As Chair of the DEFA Negotiating Committee, Thailand has formally requested Singapore’s support to ensure maximum progress in the talks, which are a major ASEAN economic priority this year.

 

The DEFA is set to become a vital cooperation framework, strengthening digital connectivity across ASEAN, supporting seamless cross-border trade, and promoting paperless commerce.

 

Ultimately, this will improve the competitiveness of both Thailand and the wider ASEAN bloc, serving as a key mechanism to assist the business sector in digital trade.
 

 

 

Overall trade between Thailand and Singapore in 2024 was valued at $17.75 billion, with Thailand recording a trade surplus of $2.96 billion.

 

For the first eight months of 2025 (January-August), the total trade value reached $12.13 billion, marking a growth of 6.25%.

 

Thai exports grew by 12.57% to $7.21 billion, while imports from Singapore saw a slight decrease of 1.81%, valued at $4.92 billion.