AUSTRALIA and Singapore are developing a green economy agreement that will further accelerate both countries’ transition towards a green and sustainable future by looking at practical initiatives to promote and facilitate trade and investment.

The agreement aims to remove non-tariff barriers to trade in environmental goods and services and to accelerate the uptake of low emissions green technology.

Australia minister for trade, tourism and investment Dan Tehan and Singapore’s minister for trade and industry Gan Kim Yong met to take stock of negotiations on the green economy agreement between Australia and Singapore.

The Ministers’ meeting follows discussions between Australia’s Prime Minister Scott Morrison and Singapore’s Prime Minister Lee Hsien Loong during the sixth Australia- Singapore Annual Leaders’ Meeting in June 2021 that the two countries should explore a bilateral green economy agreement. Negotiations commenced on 22 September 2021.

The ministers also issued a joint vision statement that outlined their shared ambition for a green economy agreement, focused on practical and tangible activities to promote green growth, economic collaboration and co-operation on climate change.

Mr Tehan said the green economy agreement would deliver benefits for both countries.

“Australia and Singapore are working together to reduce emissions in both countries by lowering the cost and accelerating the uptake of green technology,” Mr Tehan said.

Minister Gan noted that the green economy agreement would build on the many synergies between Singapore and Australia in trade and environmental co-operation.

“The green economy agreement will benefit workers and businesses of all sizes in both countries, and contribute towards shaping regional and multilateral policies on trade and environmental sustainability.”

Singapore and Australia already have an open, liberalised trade and investment relationship.