Australia and Singapore have signed a first-of-its-kind Green Economy Agreement (GEA).
This landmark bilateral agreement will help Australian businesses seize climate-related risks and opportunities faced in the transition to net zero by promoting collaboration between Australian and Singaporean companies to build capability in new green growth sectors.
In addition, it will allow both nations to strengthen regional energy security and support global climate action. For instance, the Australian Government has announced an initial investment of $19.6 million over four years for new cooperation under the GEA.
GEA intends to support job creation and strengthen supply chains, trade and market opportunities by facilitating trade and investment in green goods and services and fostering harmonisation and cooperation on standards and conformance to improve the interoperability of markets.
Quotes attributable to Prime Minister Albanese:
“The Green Economy Agreement extends well beyond a simple bilateral trade agreement.
“This world-first agreement establishes a framework under which our countries can advance work on the clean energy transformation and support businesses and industry.
“This is a model that will support both Australia and Singapore, and partners in our region to seize the economic opportunities of the global transition to net zero.”
Quotes attributable to Minister Farrell:
“This agreement will boost new opportunities for businesses and investors in the global clean energy transformation.
“Our economic, trade, investment and business ties with Singapore will be further strengthened under the Green Economy Agreement.
“It will also open up new trade and investment opportunities, strengthen critical supply chains, and support our region’s transition to net zero.”
Source: Prime Minister of Australia Media Release
