SG-Shanghai economic ties strengthen with 7.8% trade growth in 2023

Both nations emphasised expanding cooperation in the digital economy.

Economic ties between Singapore and Shanghai continued to strengthen in 2023, with total trade increasing by 7.8% year on year.

At the 5th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting, co-chaired by Singapore's Minister for Culture, Community and Youth, Edwin Tong, and Shanghai Mayor Gong Zheng, leaders from both sides discussed enhancing trade and investment links. 

The meeting emphasised expanding cooperation in the digital economy. Singapore’s digital economy has grown nearly 13% annually since 2017, whilst Shanghai's is projected to reach RMB3t by 2025, making up over 60% of its GDP.

Both sides agreed to support pilot projects for digital trade through secure electronic Bills of Lading (eBL). CrimsonLogic, Shanghai E&P International, and Shanghai Electronic Certification Authority signed a term sheet for projects to enhance document security and customs processes. The two cities will promote common standards for commercial data flows and explore policy innovations.

“The SSCCC has been an important platform in promoting greater bilateral business and investment flows, catalysing deeper partnerships in areas of common interests, and driving more frequent people-to-people exchanges between Singapore and Shanghai,” said Tong.

The meeting also reviewed substantial progress made across the council's six focus areas in the past year such as advancements in urban planning, Belt and Road Initiative, and financial services cooperation. 

A total of 15 agreements were also signed between Singapore and Shanghai, covering digital economy, urban planning, and financial services, at the SSCCC meeting.

Senior Minister of State Low Yen Ling and Shanghai Vice Mayor Hua Yuan were also in attendance with 150 officials and business representatives.