German Federal Minister of Foreign Affairs Annalena Baerbock visited Singapore on 12 January 2024.
Minister for Foreign Affairs Dr Vivian Balakrishnan hosted Minister Baerbock to dinner. They reaffirmed the excellent and multifaceted bilateral relations in areas including finance, defence, science, technology and education. Both Ministers noted the good momentum of cooperation and high-level engagements between both sides. Germany is Singapore’s largest goods trading partner in the EU. In 2022, bilateral goods trade was S$24.9 billion, accounting for almost 22% of our total trade in goods with the EU. Singapore is host to more than 2,200 German companies from sectors including chemicals, semiconductors, automotive, engineering, healthcare and logistics.
The EU-Singapore Free Trade Agreement (EUSFTA) and EU-Singapore Investment Protection Agreement (EUSIPA) are key pillars of Singapore’s economic relationship with the EU. Minister Balakrishnan welcomed Germany and the EU’s interest in deepening its engagement with ASEAN in emerging areas including the digital economy, green technology and services, and supply chain resilience. The EUSFTA is the first trade agreement between the EU and an ASEAN Member State and serves as a pathfinder for an eventual ASEAN-EU Free Trade Agreement. Minister Balakrishnan encouraged more German companies to use Singapore as a gateway to tap into the immense economic opportunities in Southeast Asia.
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MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
12 JANUARY 2024
Minister for Foreign Affairs Dr Vivian Balakrishnan and German Federal Minister of Foreign Affairs Annalena Baerbock in Singapore, 12 January 2024
Photo Credit: Ministry of Foreign Affairs Singapore
