Singapore-Pakistan trade should be 'much higher' given strong diplomatic ties: Vivian Balakrishnan

SINGAPORE: Trade between Singapore and Pakistan “ought to be much higher” given their strong diplomatic relations, said Minister for Foreign Affairs Vivian Balakrishnan on Friday (Oct 30).

Dr Balakrishnan said there is scope for greater collaboration in areas such as carbon markets, as well as stronger ties between businesses in both countries.

“We need to facilitate greater trade and investment flows,” he said. 

"In an increasingly uncertain global environment, including the business side of it, I think it's even all the more important for our two countries to remain open, connected and constructively engaged with each other.”

His remarks come as Singapore and Pakistan mark 60 years of diplomatic relations this year.

Dr Balakrishnan was speaking at a joint press conference in Islamabad with Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar during an official visit to the country.

This is the first official visit by a Singaporean leader since 2005, when then Foreign Minister George Yeo attended an Asia Cooperation Dialogue meeting in Islamabad.

Before that, on an official visit in 2004, then Prime Minister Goh Chok Tong witnessed the signing of agreements to strengthen bilateral cooperation and formalise consultations between the two countries' foreign ministries. 

Dr Balakrishnan referred to Mr Goh’s visit at the press conference, noting that while there had been high-level exchanges between the two countries over the years, these had not often taken place in Singapore or Pakistan.

“Not often enough in our own home countries…So this (visit) is belated, but better late than never.”

STRENGTHENING BUSINESS TIES 

Mr Dar on Friday said both countries welcomed the growth in bilateral trade and discussed ways to build on this progress. 

"We agreed to encourage closer engagement between our business communities, through exchange of business delegations and stronger links between our chambers of commerce, in order to facilitate stronger business-to-business ties," he added. 

He added that Pakistan has opened a trade and investment office at its high commission in Singapore, a testament of its “resolve to promote stronger B2B (business-to-business) ties” with the country. 

Mr Dar also said Pakistani Prime Minister Muhammad Shehbaz Sharif had accepted in principle an invitation from Prime Minister Lawrence Wong to visit Singapore.