On Tuesday, October 18, 2022, Singapore and Australia signed an agreement to work together to transition their economy to net-zero emissions of greenhouse gases. Both countries set to expand their collaboration in the green economy, focusing on new areas including sustainable agriculture and green shipping corridors. It outlines seven areas of collaboration: trade and investment, standards and compliance, green and transition finance, carbon markets, clean energy, decarbonization, and technology, skills and capacities, and business partnerships.
The agreement has 17 parts that cover promoting trade and investment in green services, harmonizing standards, and building green growth sectors through collaboration between businesses. The agreement would begin with activities such as developing a list of environmental products and services that could receive preferential trade status. As the Green Economy Agreement represents a substantial new area of cooperation, Singapore and Australia will create a new green economy pillar within their comprehensive strategic partnership, which was formed in 2015.
Other initiatives include forming alliances to improve green shipping corridors, which are zero-emission marine routes between ports. Additionally, there are intentions to collaborate on the best practices for sustainable agri-food system methods in order to improve food security and lessen their negative environmental effects. Both countries also agreed to establish joint working groups for trade in electricity and aviation environmental cooperation, as well as to establish a forum for government experts to discuss the skills needed for green jobs.
According to the Ministry of Trade and Industry and the Ministry of Sustainability and the Environment, the agreement would lower obstacles to cross-border commerce in clean energy as well as green trade and investment. For Instance, both countries will collaborate to promote small-to-medium enterprises in their efforts to jointly create new sustainable products, services, and technology through grants and business matching services.
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