Transcript of Speech By President Tharman Shanmugaratnam at the Joint Press Conference at the National Palace in Mexico City, Mexico on 1 December 2025

Your Excellency President Claudia Sheinbaum Pardo,

Ladies and gentlemen,

1.    Good afternoon. First, let me thank President Sheinbaum and the people of Mexico for the very warm hospitality afforded to me and my delegation. This is my first State Visit to Mexico, as the President. It is also, as it happens, my fourth visit to Mexico in about 14 years.

Strengthening Partnership at a Time of Global Uncertainty

2.    This year, Singapore and Mexico celebrate the golden jubilee of our diplomatic relations. Our relations have grown steadily over those 50 years, grounded in mutual respect and open dialogue.

3.    And that mutual respect and open dialogue were very much evident in our discussions this morning, which President Sheinbaum and I had together with our delegations. We took stock of our deepening relationship, including our growing economic links. We just witnessed the signing of two Memoranda of Understanding, and importantly, beyond those Memoranda of Understanding, we are also exploring several other areas of collaboration.

4.    We meet at a time of profound global change and uncertainty. The open, rules-based international order is weakening. Supply chains are shifting and are also becoming fundamentally less predictable. And the willingness to cooperate internationally to tackle common global challenges has taken a step back.

5.    Yet it is precisely in times like this that we must build resilience and grow new opportunities: by diversifying our economic networks, in particular by investing in trusted bilateral partnerships; and forming new international coalitions of ambition, and by refreshing the multilateral frameworks that we all rely on.

6.    Against this backdrop, Singapore-Mexico relations are taking on new significance.

a.    Singapore and Mexico are both open economies, deeply integrated into global value chains, and committed to fair and predictable rules of the game. We each serve as gateways to broader regions: Mexico to North America and the broader Americas; Singapore to Southeast Asia and the wider Asia-Pacific.

b.    Our economies are also highly complementary. Singapore brings capital, digital innovation across many sectors, and logistics capabilities that can support Mexico's efforts to build higher-value industries, new public infrastructure and economic resilience. Mexico brings scale, manufacturing capacity and abundance of talent, and proximity to the world's largest consumer market.

7.    Our two countries were, in fact, among the first to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018. Through frameworks such as the CPTPP and the Pacific Alliance-Singapore Free Trade Agreement (PASFTA), we are working together to uphold high-standard, rules-based trade that creates opportunities for all.

8.    These agreements lower barriers, improve predictability for businesses and investors, and create new opportunities. They also bring strategic advantage in an uncertain world, providing new options for growth and business expansion. PASFTA, with the prospect of Singapore becoming the first Associated State of the Pacific Alliance, can act as a stepping stone towards deeper inter-regional connectivity between Southeast Asia and Latin America. It is also part of the web of trading alliances that can help buttress the rules-based trading system.

9.    The PASFTA creates a new FTA pathway for Singapore companies to trade with, invest in, and engage Mexico and the larger Pacific Alliance market. I am heartened that Mexico is taking active steps to ratify PASFTA, and I thank President Sheinbaum for her personal attention to this issue. Mexico’s ratification of PASFTA will take Singapore one step closer to becoming an Associated State of the Pacific Alliance. 

10.                  Singapore sees Mexico as a natural partner in innovation and the capabilities of the future. Mexico now ranks among the most diversified and knowledge-rich manufacturing economies of the world. This progress reflects capabilities from agrifood to aerospace, automotive, electronics and medical devices – sectors that require deep skills and advanced supply chains.

11.                  There is significant momentum in our trade and investment relations. Last year, our bilateral trade grew by over 60 percent compared to the previous year. Singapore’s investments in Mexico today exceed US$2 billion, covering areas like advanced manufacturing, logistics, technology, and energy. There are currently over 50 Singapore-based investors in Mexico, including companies like Sunningdale, Banyan Tree, and Temasek Holdings.

12.                  There are over 70 Mexican companies, from food exporters to tech firms, present in Singapore. And we welcome more Mexican businesses to use Singapore’s supportive business environment to grow into the wider ASEAN market – one of the fastest growing regions in the world, that is on track to be the world’s fourth-largest economy by 2030.

13.                  I am accompanied on this visit by a business delegation led by the Singapore Business Federation and the Singapore Manufacturing Federation. President Sheinbaum and I just had a good dialogue with business leaders from both countries. I will also attend the Mexico-Singapore Business Forum tomorrow and look forward to further, fruitful interactions with our business leaders.

14.                  President Sheinbaum and I also discussed our cultural links. On Wednesday, I will inaugurate the upcoming exhibition, The Acapulco–Manila Galleon: We Are the Pacific, a World Born of the Tropics held at San Ildefonso College. The exhibition reminds us not only of our long history of maritime trade from as early as the 16th century – where silver and other goods sailed on galleons from Acapulco, across the Pacific Ocean to the Philippines and other parts of Asia; and in the other direction, spices, silk and porcelain. The exhibition also points to the creative potential of the link between Asia and Latin America, that Mexico has for generations been at the forefront of.

15.                  Next year will be a historic moment for Mexico, as you become the first country to host the World Cup three times.  We have all admired Mexican football greats such as the legendary Hugo Sánchez and Chicharito. They are celebrated not just for their technical mastery of this beautiful game, but also for their tenacity on the field, especially in the toughest of matches. It is what inspires millions and makes them among the finest strikers of their time. I see the same tenacity in the Mexican people, and I'm sure that Mexico's hosting of the World Cup will bring renewed appreciation for your country's warmth, generosity and indomitable spirit.

16.                  In view of the deepening ties between Singapore and Mexico, the Singapore Government has decided to establish a resident Singapore Embassy in Mexico City, which is set to open next year. This is a significant milestone, as it will be Singapore’s first Embassy in the Spanish-speaking world, and only our second in Latin America. Our decision reflects Singapore’s confidence in Mexico’s future, and will allow us to engage with Mexico’s leaders, officials, and the business and cultural community more actively and deeply.

17.                   Last year, I presented Mexico City with the Lee Kuan Yew World City Prize. This award is a testament to Mexico City’s outstanding efforts to uplift the lives of its residents, in particular the less privileged, through innovative and sustainable urban initiatives – from community centres and social programmes, to public libraries and green spaces.  It is notable that much of this was carried out during President Sheinbaum’s tenure as Head of Government of Mexico City. Just this month, Mexico City agreed to host the Mayors’ Forum of the World Cities Summit 2027, which we look forward to.

18.                  President Sheinbaum, our two countries’ shared commitment to a better future, a future of ambition, inclusivity and innovation, is the cornerstone of our deepening relationship. This 50th anniversary of relations is not only an important milestone, but a launch pad for a new era in our relationship, one of greater depth and breadth. I look forward to working with you to achieve the fullest potential in this growing partnership between Singapore and Mexico.

19.                  The simple Spanish saying captures the spirit of our partnership: donde hay amistad, no hay distancia – where there is friendship, there is no distance. Thank you.