Singapore's role as an interface for European business in East Asia is pivotal. As a new hemispheric history is being written, East Asia is being woven together by a web of bilateral and multilateral Free Trade Agreements (FTAs), centered on the ASEAN.
Singapore's constructive role in ASEAN, its unusual stability and its regional significance make it an important partner for German foreign trade policy. The German-Singapore bilateral trade in 2004 exceeded EUR 8 billion (over S$ 16 billion). With Germany being Singapore's largest trading partner in the EU, and Singapore being Germany's largest trading partner in the ASEAN region, both countries continue to play a significant role on each other's economic map. Singapore acts as the key hub for German companies planning to tap on Asia's growth. Over 600 German companies are now active in Singapore with manufacturing facilities and/or regional offices. Singaporean companies have shown increasing interest in engaging the German market, especially in key sectors such as automotive components, medical technology, info-communications technology, and the printing sector. Fields of particularly successful cooperation include the environmental sector with the seminars organized by the Germany Singapore Environmental Technology Agency (GSETA) and the transport sector where a Bilateral Shipping Agreement (2000), an Air Services Agreement (1969) and, most recently, an MoU on Cooperation in Maritime Transport (2005) were concluded.
© Copyright 2018 All Asia Alliance