1 I thank Minister (Mauro) Vieira for the very warm welcome to Brazil.
2 We have just conducted an in-depth review of the Singapore-Brazil relationship. I must say it has really grown exponentially, especially in the past decade.
3 Singapore’s relationship with Brazil is dynamic and forward-looking, based on a very strong foundation of trust, mutual respect and goodwill. We are looking forward to the opportunities of the future. I have to also acknowledge that Singapore is a tiny island city-state. In terms of geographical size, we are just half the size of the city of São Paulo. We look to Brazil as a partner of choice for deepening our cooperation across Latin America.
4 Today, Brazil is our largest trading partner in Latin America. In 2022, our bilateral trade in goods grew by more than 70% year-on-year, and this was during COVID times. As a land scarce city-state, Singapore relies heavily on food imports from Brazil for a wide range of our protein needs. In fact, Brazil is a key source market for us, so this is a matter of survival. We are Brazil’s seventh largest export destination globally, and second-largest in Asia.
5 Singapore and Brazil have worked very closely together to strengthen institutional linkages that will boost the economic cooperation between our two countries. Our Avoidance of Double Taxation Agreement (DTA) entered into force in 2021. Minister Vieira and I also looked forward to the early signing of the MERCOSUR-Singapore Free Trade Agreement (MCSFTA) hopefully later this year. Together, we believe these two agreements will benefit businesses in both Brazil and Singapore, and boost trade and investment flows both ways.
6 We believe combating climate change is a priority for both of us - it is a preoccupation for our countries. We have agreed to strengthen climate cooperation, especially in the development of fair, inclusive, and well-functioning global carbon markets.
7 I also expressed Singapore’s support for Brazil’s bid to host COP-30 in Belém. I am certain that Brazil will have the capacity, the experience, the commitment and the moral authority to bring us to a successful COP-30.
8 Minister Vieira also briefed me on Brazil’s plans and preparations for its (2024) G20 Presidency. There has never been a more critical time for multilateral cooperation on a global scale. I believe that Brazil is uniquely positioned to provide the leadership that the world needs to safeguard the global commons and to achieve the Sustainable Development Goals (SDGs). I look forward in any way possible to support that agenda.
9 I thank you once again for this opportunity to participate in these (bilateral) consultations. I look forward to a future with more work for our diplomats, our businesses, our people, our students and our entrepreneurs. This is a vital and dynamic relationship. Thank you all very much.
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