Minister Ng leads virtual trade mission to Singapore on e-commerce
March 31, 2021 - Ottawa, Ontario - Global Affairs Canada
As the Government of Canada continues to address the COVID-19 pandemic and work towards an inclusive and sustainable global economic recovery, it is helping Canadian business owners and entrepreneurs to start up, scale up, and access new markets.
Last week, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, gave opening remarks for a week-long virtual trade mission to Singapore on e-commerce, hosted by Global Affairs Canada in collaboration with Enterprise Singapore and the Canadian Chamber of Commerce in Singapore.
In her remarks, Minister Ng highlighted the importance of supporting Canadian companies as they start up, scale up, and access new global markets, including companies that have already taken advantage of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP)—ratified by both Singapore and Canada—which gives businesses in both countries preferential access to dynamic markets around the world.
With a vibrant domestic market, and as a key transportation, shipping, and banking hub serving as a gateway to Asia, Singapore is an attractive destination and springboard for Canadian exporters.
The mission brought together over 600 Canadian small business representatives and entrepreneurs interested in e-commerce to explore emerging opportunities in Singapore’s growing market. They attended a seminar on doing business in Singapore with special consideration to its e-commerce ecosystem, and were able to interact and have one-on-one meetings with 20 key Singapore e-commerce leaders. Canada’s Trade Commissioner Service (TCS) also provided information to Canadian businesses looking to expand into global markets.
Minister Ng also announced the soon-to-be launched ShopAtCanada portal, a one-stop-shop for prospective customers to buy made-in-Canada products. The website will have a dedicated content page for each participating company and links to their own websites. The platform provides Canadian companies with an additional way to promote their products in Singapore and engage in consumer sales.
“Digital trade and e-commerce will be important drivers of the global economic recovery, and have been crucial as businesses have pivoted through the pandemic. It was great to see so many Canadian companies participating in this important virtual trade mission and promoting their made-in-Canada innovations to the Singaporean market. Expanding trade in the Asia-Pacific region will be good for Canadian businesses, workers, and their families, and our government will continue to be there for them, creating opportunities—such as those created today—every step of the way.”
- Mary Ng, Minister of Small Business, Export Promotion and International Trade
“The Southeast Asia e-commerce market is expected to continue its strong growth momentum as consumers and businesses in the region embrace the digital economy. As a trade hub with established e-commerce platforms, strong supply chain capabilities and business networks, Singapore offers an attractive value proposition for enterprises expanding into the region. We look forward to deepening our partnership with Canadian businesses, facilitating business matches among enterprises with the aim of supporting their e-commerce strategies in the region.”
- Law Chung Ming, Director for Transport and Logistics, Enterprise Singapore
Singapore is the fourth-largest economy in Southeast Asia and is consistently ranked among the world’s most competitive economies.
In 2020, bilateral merchandise trade between Canada and Singapore was valued at $2.4 billion, with exports to Singapore reaching $1.23 billion and imports into Canada from Singapore totaling $1.18 billion.
Singapore’s e-commerce market is growing rapidly thanks to its extensive ICT infrastructure, high levels of technology adoption, and the government’s commitment to advancing the digital economy.
The gross market value of Singapore’s e-commerce sector grew by 87% between 2019 and 2020 to approximately $5 billion, and is expected to reach $10 billion in value by 2025.
The TCS helps Canadian businesses grow globally by connecting exporters with funding and support programs, international opportunities, and its network of trade commissioners in more than 160 cities worldwide.
The CPTPP is a free trade agreement between Canada and 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The CPTPP features ambitious market-access commitments for trade in goods, services, investment, labour mobility, and government procurement.
The CPTPP entered into force in Canada, Australia, Japan, Mexico, New Zealand, and Singapore on December 30, 2018, and in Vietnam on January 14, 2019.
Office of the Minister of Small Business, Export Promotion and International Trade
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