1 Minister-in-charge of Trade Relations S Iswaran was in Cernobbio, Italy from 6 to 7 September 2019 to attend the 45th annual Ambrosetti Forum organised by The European House-Ambrosetti (Ambrosetti). This annual event is attended by international heads of state and government, top representatives of European institutions, ministers, Nobel Prize winners, businessmen and experts. 

2 On 6 September, Mr Iswaran spoke at the Opening Session of the Ambrosetti Forum, “Future Global challenges and Impacts on Businesses” and participated in a panel discussion that included Italian Minister of Foreign Affairs and International Cooperation Enzo Moavero Milanesi, Vice President of Turkey Fuat Oktay and Deputy Minister of Industry and Trade of the Russian Federation Oleg Bocharov. 

3 In his speech, Mr Iswaran emphasised (i) the importance of being committed to and strengthening the rules-based multilateral trading system against the backdrop of anti-globalisation sentiments; (ii) the need for new economic partnership models in a digital age citing Singapore’s initiatives with like-minded countries on Digital Economy Agreements, and the Joint Statement Initiative at the WTO; and (iii) how governments and businesses must forge new forms of co-operation to equip companies with the capabilities and workers with the skills to prepare for the challenges and opportunities in a digital future.  

4 While in Cernobbio, Mr Iswaran met with former Italian Prime Ministers Mr Enrico Letta and Mr Romano Prodi. They discussed the potential for deeper collaboration between the EU and ASEAN, and Singapore and Italian businesses through platforms such as the EU-Singapore Free Trade Agreement (EUSFTA) and the Italy-ASEAN Association.

5 Singapore and Italy enjoy warm and friendly relations. Italy is Singapore’s 6th largest trading partner in the EU. Bilateral trade in goods between both countries have been on the rise in the past few years and exceeded S$6 billion in 2018.


Annex A: Factsheet on Singapore-Italy Economic Relations 
Annex B: Photos and Captions
Annex C: Transcript of Minister Iswaran’s speech at the Opening Session of the Ambrosetti Forum
 

MINISTRY OF TRADE AND INDUSTRY
8 SEPTEMBER 2019