World Economy

Singapore, Mexico Sign Deals

Singapore, Mexico Sign DealsSingapore, Mexico Sign Deals

Singapore and Mexico further expanded bilateral cooperation beyond just economics on Friday, and into areas like food and agriculture and education.

It is a move that signals the “broad, strong and growing” ties between the two countries, said President Tony Tan Keng Yam, at the very first meeting between the heads of state, Channel NewsAsia reported.

Tan was received by his Mexican counterpart President Enrique Pena Nieto at the historic Palacio Nacional, where they witnessed the signing of three more Memorandums of Understanding. Two others were signed on Thursday to facilitate trade and investments and business opportunities.

Agri-Food and Veterinary Authority of Singapore and Mexico’s Agriculture, Livestock, Rural Development, Fisheries and Food Ministry will now boost their cooperation on various fronts like agriculture science and technology, policies and information, as well as food security.

The Ministry of Foreign Affairs from both countries also inked an agreement on International Development Cooperation. Under this, technical assistance and training will be rendered to developing countries, particularly in Latin America.

There will also be enhanced cooperation in the education field. Following the signing of the MoU between both education ministries, there will be a greater exchange of information, as well as teachers and academic staff with the National Institute of Education.

  TPP Needs Ratification

Both presidents reaffirmed bilateral relations as well as their countries’ commitments to strengthen ties, and to leverage them to build a bridge between Asia and Latin America. They also agreed to have more exchanges between ministries and governments.

On the economic front, both, Tan and Pena Nieto urged for the prompt ratification of the Trans-Pacific Partnership. They also welcomed the opening of KidZania in Sentosa, a Mexican project with an investment of more than $65.2 million.

While Tan acknowledged that economic ties are flourishing, more can be done, particularly after Pena Nieto made sweeping reforms since he took office in 2012.

“There is a lot of potential to do more together, especially with the important structural reforms that Mexico has undertaken in the last three years. These reforms will make the Mexican economy more competitive and better prepared to deal with future challenges. These reforms have created more opportunities for trade and investment, and the ratification of the TPP will further increase opportunities,” he said.