Let me start by expressing my appreciation for Singapores warm hospitality. Although my stay here is brief, we are maximizing our engagements.

The primary aim of my visit was to sign the EU-Singapore Digital Trade Agreement – a milestone achievement. I also had a productive exchange with Minister Grace Fu and will soon meet EU business representatives.

I want to highlight three key points.

First, digital trade is no longer a niche – it is central to global commerce and a powerful engine of economic growth. It currently represents about 25% of international trade and is growing faster than traditional trade flows.

The EU is a global leader in this area, both in exports and imports of digitally deliverable services. In 2022, these accounted for 54% of our total trade in services, valued at 1.3 trillion euros.

The agreement we signed today with Singapore – the first of its kind for the EU – aligns perfectly with modern trade realities.

Practically, it enables seamless, secure, and efficient digital trade, including:

• Trusted data flows, with no data localization requirements;
• Protection against forced technology transfers, including source code;
• Paperless trade, supported by recognition of electronic signatures.

This is excellent news for businesses and consumers alike.

And we are not stopping here. In March, I concluded a similar Digital Trade Agreement with South Korea.

Second, we are committed to expanding and upgrading our partnership with Singapore and the broader region.

In 2023, trade in goods and services between the EU and Singapore exceeded 132 billion euros, an increase of 23.5% since our Free Trade Agreement came into force in 2019.

With 263 billion euros in EU foreign direct investment, Singapore is our fifth-largest global destination.

We are actively exploring Singapores potential association with Horizon Europe, the EUs flagship research and innovation programme. Work is well underway to launch formal negotiations, and I see strong mutual benefits here.

With Minister Fu, we also discussed potential enhanced cooperation with parties of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This brings me to my third point: in todays geopolitical context, the EU is not putting all its eggs in one basket.

We are diversifying our trade and investment partnerships worldwide, leveraging the EUs extensive network of agreements with 76 countries, covering nearly half of global trade.

Strengthening our EU-ASEAN relationship is a key priority. In 2027, we will mark 50 years of diplomatic relations – a timely opportunity to elevate our regional cooperation.

I look forward to attending the Ministerial meeting this September.

Bilaterally, we are accelerating negotiations with Indonesia, the Philippines, Thailand, and Malaysia.

We are also stepping up engagement with India, and deepening momentum in the Gulf, having just launched FTA talks with the United Arab Emirates.

Our goal is clear: to keep signing agreements and remain a reliable, trusted, and predictable partner in a rapidly shifting global landscape.

I am glad that in Singapore, we have a true ally – one that shares our belief in open, mutually beneficial trade as both smart policy and strategic necessity.

Thank you.