Deepen Singapore-LATAM cooperation in connectivity, agri-food, green and digital economies: Foo Cexiang

Trade agreements can only be beneficial if businesses leverage them to explore new markets and create partnerships, maintained Foo Cexiang, Singapore's Minister of State for Trade and Industry. During the Singapore Business Federation's (SBF) third LATAM Conference, Foo emphasized that Singapore and Southeast Asian businesses can find growing markets, reliable partners, and expanding prospects in food, sustainability, digital innovation, and logistics through their engagement with Latin America.

Conversely, Latin American businesses can benefit from Singapore's expertise in trade, connectivity, finance, and innovation, positioning Singapore as a valuable entry point into Southeast Asia. Over the past five years, Singapore-Latin America trade in goods has more than doubled, reaching S$35 billion in 2025, while services trade nearly doubled to over S$21 billion in 2024.

A major milestone in Singapore-LATAM trade architecture is the Mercosur-Singapore Free Trade Agreement (MCSFTA), which offers preferential market access, strengthens supply chains, and opens up new markets for Singapore businesses. Foo highlighted that the true value of trade agreements lies in their role in enabling businesses to easily access new markets and forge new partnerships.

Connectivity and supply chain collaboration is one such opportunity, with Singapore and Brazil collaborating on a memorandum of understanding to establish the Singapore-Brazil Green and Digital Shipping Corridor. This initiative combines Brazil's renewable energy resources and potential for producing alternative marine fuels with Singapore's role as the world's largest bunkering port and a leading global maritime hub.

Agri-food resilience is another area of collaboration, with Latin America being the world's largest net food exporter. Brazil supplies chicken, beef, and pork to Singapore, while Mexico provides avocados and Argentina offers beef. Singapore's connectivity, logistics capabilities, and strict food safety regulations make it an ideal platform for Latin American food producers to reach consumers across Southeast Asia.

The global shift towards cleaner energy also presents new collaboration opportunities, as Latin America is a significant source of critical minerals for clean energy technologies. Singapore has signed agreements on carbon credits collaboration with Peru, Chile, and Paraguay, and the Digital Economy Partnership Agreement (DEPA) is fostering digital innovation hubs in Latin America, particularly in fintech and e-payments.

Foo concluded that it is up to businesses, investors, and entrepreneurs to write the next chapter of Singapore-LATAM economic ties, leveraging the established pathways and government-driven frameworks.