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Yahoo
20 hours ago
- Business
- Yahoo
Capitalise on Poland's and Singapore's hub statuses: President Tharman
SINGAPORE - Poland and Singapore are hubs in their respective regions, and more can be done to explore business opportunities between them, said President Tharman Shanmugaratnam on June 12. He was speaking at a state banquet held in honour of Polish President Andrzej Duda and his wife, First Lady Agata Kornhauser-Duda, at Goodwood Park Hotel. Mr Duda is in Singapore on a three-day state visit from June 11 to 13. Poland is Singapore's 13th largest trading partner in the European Union. In 2024, total bilateral trade in goods stood at $1.7 billion. Bilateral trade in both goods and services has grown by almost 50 per cent since 2019, off the back of the EU-Singapore Free Trade Agreement. 'There is much more we can do to capitalise on each other's roles as hubs within our respective regions,' Mr Tharman said. He noted Poland's position as one of Europe's most dynamic logistics hubs, given its strategic location between Western and Eastern Europe, Scandinavia and the Balkans. 'Equally, a combination of brain power, hard work and entrepreneurship has made Poland one of the fastest-growing economies over the last quarter-century,' he said, adding that Singapore companies are starting to recognise this potential. He cited the example of port operator PSA International making a landmark investment in 2019 to jointly acquire 100 per cent in DCT Gdansk – the largest container terminal in Poland and the Baltic Sea region, and the company's first investment in Eastern Europe. Polish companies are already using the Republic as a springboard to the broader Asia-Pacific region, he added. 'We welcome them to explore opportunities in Singapore in areas like logistics, advanced manufacturing and offshore wind.' Mr Tharman also spoke of collaboration in areas such as food exports to Singapore, saying these represent a business opportunity for Polish producers and allow Singapore to diversify its supplies and 'enjoy a taste of Poland'. Poland has been approved as a source of beef, poultry and eggs by the Singapore Food Agency. He added that the countries' relations are 'anchored by strong people-to-people ties', noting that three Singapore universities have signed student exchange agreements with six Polish institutions. Mr Duda said Singapore has long been a key regional partner for Poland and a 'symbol of modernity, bold thinking and determination in action'. 'We admire Singapore's consistency in striving for excellence – in the economy, in education and in building a society based on the principles of tolerance, responsibility and discipline,' he added. 'Your success proves that the greatness of a country is not measured by its size, but by the wisdom of its people and the strength of its values.' Mr Tharman quoted a Polish saying that translates to 'grain by grain, the measure will be filled', meaning that a meaningful relationship will be built, step by step. He said: 'That epitomises the way we bring about our strategic relationship and the way we're going about our partnership as two countries. Your visit underlines our commitment to set higher ambitions for our partnership now and into the future.' After a visit to technology and engineering group ST Engineering earlier in the day on June 12, Mr Duda received a ceremonial welcome at Parliament House and made a courtesy call on Mr Tharman. Both presidents discussed the significant potential growth in ties between Singapore and Poland, said the Ministry of Foreign Affairs (MFA) in a statement. The discussion revolved around port and logistics development, agri-food exports to Singapore, as well as sustainable energy, digital trade, research and development, and education. The leaders also encouraged businesses to explore investment opportunities in each other's countries, and discussed global geopolitical and security developments. Mr Duda and First Lady Kornhauser-Duda also visited the National Orchid Garden on June 12, where a new orchid hybrid was named in their honour. On June 13, Mr Duda will meet Prime Minister Lawrence Wong and attend the Singapore-Poland Business Forum. The forum is jointly organised by the Embassy of the Republic of Poland, the Polish Investment and Trade Agency, and the Singapore Business Federation. This is Mr Duda's first visit to the Republic since taking office in 2015. His second five-year term as president concludes in August. A new Polish president is set to take office in early August, after historian Karol Nawrocki won the Polish presidential election on June 2. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Straits Times
2 days ago
- Business
- Straits Times
Capitalise on Poland's and Singapore's hub statuses: President Tharman
SINGAPORE - Poland and Singapore are hubs in their respective regions and more can be done to explore business opportunities between them , said President Tharman Shanmugaratnam on June 12. He was speaking at a state banquet held in honour of Polish President Andrzej Duda and his wife, First Lady Agata Kornhauser-Duda at Goodwood Park Hotel. Mr Duda is in Singapore on a three-day state visit from June 11 to 13. Poland is Singapore's 13th largest trading partner in the European Union (EU) . In 2024, total bilateral trade in goods stood at $1.7 billion. Bilateral trade in both goods and services has grown by almost 50 per cent since 2019, off the back of the the EU-Singapore Free Trade Agreement. 'There is much more we can do to capitalise on each other's roles as hubs within our respective regions,' Mr Tharman said. He noted Poland's position as one of Europe's most dynamic logistics hubs, given its strategic location between Western and Eastern Europe, Scandinavia, and the Balkans. 'Equally, a combination of brain power, hard work and entrepreneurship has made Poland one of the fastest growing economies over the last quarter century,' he said, adding that Singapore companies are starting to recognise this potential. He cited the example of port operator PSA international making a landmark investment in 2019 to jointly acquire 100 per cent in DCT Gdansk - the largest container terminal in Poland and the Baltic Sea region, and the company's first investment in Eastern Europe. Polish companies are already using the Republic as a springboard to the broader Asia-Pacific region, he added. 'We welcome them to explore opportunities in Singapore in areas like logistics, advanced manufacturing, and offshore wind.' Mr Tharman also spoke of collaboration i n areas such as food exports to Singapore , saying these represent a business opportunity for Polish producers and allow Singapore to diversify its supplies and 'enjoy a taste of Poland'. Poland has been approved as a source of beef, poultry and eggs by the Singapore Food Agency. He added that the countries' relations are 'anchored by strong people-to-people ties', noting that three Singapore universities have signed student exchange agreements with six Polish institutions. Mr Duda said Singapore has long been a key regional partner for Poland and a 'symbol of modernity, bold thinking and determination in action'. 'We admire Singapore's consistency in striving for excellence - in the economy, in education and in building a society based on the principles of tolerance, responsibility and discipline,' he added. 'Your success proves that the greatness of a country is not measured by its size, but by the wisdom of its people and the strength of its values.' Polish President Andrzej Duda is received by Singapore President Tharman Shanmugaratnam during the welcome ceremony at Parliament House on June 12. ST PHOTO: MARK CHEONG Mr Tharman quoted a Polish saying that translates to 'grain by grain, the measure will be filled', meaning that a meaningful relationship will be built, step by step. He said: ' That epitomises the way we bring about our strategic relationship and the way we're going about our partnership as two countries . Your visit underlines our commitment to set higher ambitions for our partnership now and into the future.' After a visit to technology and engineering group ST Engineering earlier in the day on June 12 , Mr Duda received a ceremonial welcome at Parliament House and made a courtesy call on Mr Tharman. Both presidents discussed the significant potential growth in ties between Singapore and Poland, said the Ministry of Foreign Affairs (MFA) in a statement. The discussion revolved around port and logistics development, agri-food exports to Singapore, as well as sustainable energy, digital trade, research and development and education. Both presidents discussed the significant potential growth in ties between Singapore and Poland. ST PHOTO: ARIFFIN JAMAR The leaders also encouraged businesses to explore investment opportunities in each other's countries, and discussed global geopolitical and security developments. Mr Duda and First Lady Kornhauser-Duda also visited the National Orchid Garden on June 12, where a new orchid hybrid was named in their honour. On June 13, Mr Duda will meet Prime Minister Lawrence Wong and attend the Singapore-Poland Business Forum. The forum is jointly organised by the Embassy of the Republic of Poland, the Polish Investment and Trade Agency, and the Singapore Business Federation. This is Mr Duda's first visit to the Republic since taking office in 2015. His second five-year term as president concludes in August 2025. A new Polish president is set to take office in early August, after historian Karol Nawrocki won the Polish presidential election on June 2. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Join ST's WhatsApp Channel and get the latest news and must-reads.
The Star
08-05-2025
- Business
- The Star
New agreement strengthens digital trade
SINGAPORE: Singapore and the European Union (EU) have inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street on Wednesday. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. Last year, bilateral trade in goods grew to over S$100bil, representing 7.8% of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over S$110bil in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA reflects our shared commitment to foster a trusted, secure and inclusive digital economy, and create new opportunities for our companies and citizens in digital trade. 'As the EU's first bilateral digital economy agreement with an Asean country, the EUSDTA will also support greater region-to-region digital connectivity.' The EUSDTA follows similar partnerships with Australia, Britain, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organization showed global digital service exports surpassed US$4.2 trillion in 2023. This was up 9% from 2022. Digitally delivered services trade globally has risen on average by 8.2% per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade. Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Kok Ping Soon, chief executive officer of the Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised free trade agreements among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here, including eCommerce and financial services. Lim Chung Chun, group chief executive of digital wealth platform iFast Corp, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. — The Straits Times/ANN
Singapore Law Watch
08-05-2025
- Business
- Singapore Law Watch
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties Source: Straits Times Article Date: 08 May 2025 Author: Angela Tan The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. Singapore and the European Union on May 7 inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over $100 billion, representing 7.8 per cent of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over $110 billion in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Ms Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA reflects our shared commitment to foster a trusted, secure and inclusive digital economy, and create new opportunities for our companies and citizens in digital trade. 'As the EU's first bilateral digital economy agreement with an Asean country, the EUSDTA will also support greater region-to-region digital connectivity.' The EUSDTA follows similar partnerships with Australia, the United Kingdom, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organisation showed global digital service exports surpassed US$4.2 trillion (S$5.42 trillion) in 2023, up 9 per cent from 2022. Digitally delivered services trade globally has risen on average by 8.2 per cent per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their secret source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade space. Ms Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Mr Kok Ping Soon, chief executive officer of the Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised FTAs among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here, including e-commerce and financial services. Mr Lim Chung Chun, group CEO of digital wealth platform iFast Corporation, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Mr Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
07-05-2025
- Business
- Straits Times
Singapore and EU sign digital trade pact, deepening cooperation amid global uncertainties
The EUSDTA supplements the EU-Singapore Free Trade Agreement that entered into force in 2019. PHOTO: AFP SINGAPORE - Singapore and the European Union on May 7 inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. In 2024, bilateral trade in goods grew to over $100 billion, representing 7.8 per cent of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over $110 billion in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Ms Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA reflects our shared commitment to foster a trusted, secure and inclusive digital economy, and create new opportunities for our companies and citizens in digital trade. 'As the EU's first bilateral digital economy agreement with an Asean country, the EUSDTA will also support greater region-to-region digital connectivity.' The EUSDTA follows similar partnerships with Australia, the United Kingdom, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organisation showed global digital service exports surpassed US$4.2 trillion (S$5.42 trillion) in 2023, up 9 per cent from 2022. Digitally delivered services trade globally has risen on average by 8.2 per cent per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their secret source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade space. Ms Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Mr Kok Ping Soon, chief executive officer of Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised FTAs among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here including e-commerce and financial services. Mr Lim Chung Chun, group CEO of digital wealth platform iFast Corporation, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Mr Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. 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