Speech By Deputy Prime Minister and Minister (Trade) Gan Kim Yong at the AmChamSG Regional Economic Conference

1. Good morning. It is a pleasure to join you at the American Chamber of Commerce in Singapore’s Regional Economic Conference 2026.

2. This year marks two significant milestones – the 250th anniversary of the United States’ independence, and 60 years of diplomatic relations between Singapore and the US.

   1. These milestones are an opportunity not only to reflect on our longstanding ties, but also to consider how we can deepen our partnership in the years ahead.

A partnership that creates value in both directions

3. Singapore and the US share a longstanding economic relationship, underpinned by the US-Singapore Free Trade Agreement.

   1. Since its entry into force, bilateral trade has grown significantly, benefiting businesses and workers in both countries.

   2. Today, bilateral trade and Singapore’s investments in the US support around 350,000 American jobs.

   3. The US has maintained a substantial trade surplus with Singapore for more than two decades. In 2025, that surplus exceeded US$33 billion.

4. Our economic relationship also extends well beyond the goods and services we trade.

   1. The US is Singapore’s largest investor. Around 6,600 US companies are based here, many using Singapore as a base to serve markets across the region.

   2. Despite our small size, Singapore is the third-largest Asian investor in the US. More than 250 Singapore companies operate across 45 states, in sectors ranging from logistics and agribusiness to aerospace and shipbuilding.

5. We are working to deepen these two-way investment flows.

   1. In April, I launched Enterprise Singapore’s fourth overseas centre in the US, in Austin, Texas – its first non-coastal presence in the US.

   2. Together with its centres in New York, Los Angeles and San Francisco, the Austin centre expands Enterprise Singapore’s support for Singapore companies in the US.

   3. At the same time, the Economic Development Board continues to help US companies invest here and operate in the region from Singapore.

6. Our partnership shows that trade and investment can strengthen capabilities and support jobs in both economies.

Connecting American renewal with regional growth

7. The US is pursuing a renewed effort to rebuild its industrial capacity, strengthen strategic industries, and secure critical technologies and supply chains.

   1. Singapore too wants a strong and resilient economy that keeps our businesses competitive and creates good jobs for our people.

   2. However, the tariffs now in place, and the prospect of further measures, are weighing on business decisions and adding to uncertainty globally and in our region.

8. Strengthening capabilities at home and deepening engagement with trusted partners need not be competing objectives.

   1. American companies will be better placed to sustain growth and investment at home when they can also reach growing markets abroad, draw on reliable regional networks, and deploy their technologies at scale.

   2. US economic renewal and deeper US engagement in Southeast Asia can therefore reinforce one another.

9. Southeast Asia is already an important market for American businesses.

   1. In 2025, the US exported more than US$194 billion in goods and services to ASEAN.

   2. As the region grows and moves into higher-value activities, it will actually need more, not less, of what American companies do well – from advanced manufacturing systems and digital infrastructure to energy, healthcare, financial services and logistics.

   3. The opportunity is to connect American strengths with the region’s needs – creating demand for US products and services, while building capabilities and supporting jobs on both sides of the Pacific.

 Singapore as a platform for the partnership

10. Singapore can help make this partnership work better.

    1. American companies can anchor regional leadership, research and product development here and serve their customers in the region.

 A practical agenda for 2027

11. In 2027, Singapore will assume the chairmanship of ASEAN and serve as ASEAN’s country coordinator for relations with the US.

    1. Next year will also mark ASEAN’s 60th anniversary and 50 years of ASEAN-US dialogue partnership.

    2. These milestones are also an opportunity for us to advance initiatives with clear benefits for businesses and communities.

12. One priority is to make cross-border trade easier.

    1. We would like to explore connecting the ASEAN Single Window with the US, so that electronic trade documents can be exchanged more seamlessly and securely.

    2. ASEAN is also working towards signing the Digital Economy Framework Agreement, or DEFA, at the Leaders’ Summit in November this year. This will establish common rules to support digital trade, trusted data flows, and cooperation in emerging technologies.

    3. These efforts can reduce the time and cost of doing business, and make it easier for companies to operate across Southeast Asia.

13. Another priority is artificial intelligence.

    1. The US brings leading AI technologies and expertise. Southeast Asia offers many opportunities to apply them, from advanced manufacturing and healthcare to financial services, logistics and public services.

    2. Singapore can bring American companies together with regional enterprises, governments and researchers to develop and test solutions, and support their deployment across the region.

    3. We welcome the US-ASEAN AI SPARK Initiative and look forward to working with industry on meaningful and relevant projects.

    4. As ASEAN Chair, our goal will be to move from frameworks to implementation, and put into practice, AI for the Public Good.

14. AmCham and its members will be essential to this effort.

    1. Your companies see first-hand where regulations or processes create unnecessary friction, where gaps in infrastructure or skills slows down investment, and where new technologies can solve practical problems.

    2. We welcome concrete proposals for partnerships, including projects that can be developed or tested in Singapore and extended to other ASEAN markets.

15. We also value AmCham’s insights into how recent changes in trade policy are affecting investment and supply-chain decisions.

    1. These insights will help us better understand the challenges you face and allow us to work with you on practical responses.

    2. We cannot remove every source of uncertainty. But by keeping channels open and working together, we can give businesses greater confidence to address these uncertainties and invest for the long term.

Closing

16. Southeast Asia will remain an important engine of global growth.

17. The US and the American business community have much to contribute to the region’s continued development, and much to gain from it.

18. Singapore will continue to be a reliable partner, working with the US, our fellow ASEAN members, AmCham and the wider business community to strengthen economic ties, build resilience, and create new opportunities for our businesses and people.

19. As we mark 60 years of Singapore-US relations and 250 years of American independence, let us look ahead with confidence to what we can build together.

20. Thank you.