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Australia and Singapore have signed a first-of-its-kind Green Economy Agreement (GEA).
The landmark bilateral agreement between Australia and Singapore—our largest two-way trading partner in Southeast Asia—will support Australian businesses to seize economic opportunities presented by the global clean energy transformation.
The GEA builds on existing cooperation between Australia and Singapore to take action on climate change and strengthen trade and investment in clean energy across our region.
The Green Economy will become a new pillar of Australia’s Comprehensive Strategic Partnership with Singapore, signalling the resolve of both nations to confront the challenges and seize the opportunities faced in the transition to net zero.
Today the Australian Government has announced an initial investment of $19.6 million over four years for new cooperation under the GEA that will support job creation at home and strengthen supply chains, trade and market opportunities by:
- facilitating trade and investment in green goods and services, including by identifying and reducing non-tariff barriers;
- promoting collaboration between Australian and Singaporean businesses to build capability in new green growth sectors;
- fostering harmonisation and collaboration on standards and conformance to improve the interoperability of markets.
The GEA demonstrates the Australian Government’s ambition to deliver on its trade diversification agenda, strengthen regional energy security, seize the opportunities for energy transformation and support global climate action.
Prime Minister of Australia Anthony Albanese said, “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 industries. 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.”
Minister Farrell said, “Our economic, trade, investment and business ties with Singapore will be further strengthened under the Green Economy Agreement. This agreement will boost new opportunities for businesses and investors in the global clean energy transformation. It will also open up new trade and investment opportunities, strengthen critical supply chains, and support our region’s transition to net zero.”
“It will support the transition of our countries to net zero emissions as well as create jobs and growth opportunities in green sectors to promote the development and commercialisation of green technologies,” Singapore Prime Minister Lee Hsien Loong said.