Suzhou: Supajee engaged in discussions with Singaporean ministers at the APEC forum to advance cooperation on food security and promote Thai rice as an initial commodity to meet Singapore's demand. Plans are underway to expand this initiative to other agricultural and food products amidst global economic and geopolitical volatility. The discussions also included future multilateral cooperation in supply chains and digital trade.
According to Thai News Agency, Deputy Prime Minister and Minister of Commerce Supachie Suthamphan revealed after meeting with Singapore's Minister for Sustainability and Environment, Grace Fu Hai-yen, at the APEC Ministers Responsible for Trade meeting in Suzhou, China, that both sides exchanged views on the volatile global trade situation. They agreed to strengthen economic and trade cooperation, particularly on food security and building supply chain resilience.
The Thai side proposed upgrading cooperation from general commodity trade to a more concrete concept of food security during crises, focusing on both supply and price stability. Rice will be promoted as a key initial commodity, and cooperation will be expanded to other food and agricultural products such as eggs, meat, canned food, and seafood ingredients to meet Singapore's long-term needs.
Ms. Supajee stated that for perishable goods, both sides need to work more closely together. Thailand proposed organizing a technical workshop among relevant agencies to define concrete and practical cooperation guidelines for the future. She also noted that Singapore's expertise in trade management and supply chain systems allows them to further develop cooperation as strong supply chain partners.
Simultaneously, Thailand is pushing for the holding of the Singapore-Thailand Enhanced Economic Relationship (STEER) meeting this year, instead of the originally scheduled for 2027, to accelerate and drive cooperation in trade and investment between the two countries in line with the rapidly changing global economic and geopolitical situation.
Furthermore, Singapore invited Thailand to join the multilateral framework of the Future of Investment and Trade Partnership (FIT-P), which already has over 16 member countries, to strengthen cooperation in supply chains, digital trade, and future innovation. Thailand was invited to the FIT-P ministerial meeting in July 2026 in New Zealand. Thailand has given positive signals regarding this cooperation but still needs to undergo domestic review before making a formal decision on joining.
Both sides agreed on the importance of regional cooperation, particularly within ASEAN, to jointly address major crises including food, energy, and global economic volatility.
Singapore is Thailand's third-largest trading partner in ASEAN and the ninth-largest globally. By 2025, total trade between the two countries is projected to reach US$19,658.73 million, an increase of 10.75%. During the first three months of 2026 (January-March), total trade reached US$6,716.25 million, with Thai exports valued at US$4,482.01 million (an 86.33% increase) and imports at US$2,234.78 million (a 31.67% increase). Key Thai exports include gems and jewelry, computers and components, refined oil, and printed circuit boards. Major imports from Singapore include computers and components, chemicals, plants and plant products, and printed circuit boards.