Australia and Singapore have signed a landmark Green Economy Agreement (GEA).
The historic bilateral agreement between Australia and Singapore will assist Australian businesses in capitalising on the economic opportunities afforded by the global clean energy transition.
Prime Minister Anthony Albanese said the GEA goes much beyond a straightforward 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,” Premier Albasese stated.
The GEA expands on Australia and Singapore’s existing collaboration to combat climate change and strengthen commerce 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 both countries’ determination to meet the challenges and exploit the opportunities presented by the transition to net zero emissions.
“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,” Premier Albanese said.
The Australian Government has announced a $19.6 million investment over four years for expanded collaboration under the GEA that will promote domestic job creation and boost supply chains, trade, and market opportunities by:
- facilitating trade and investment in environmentally friendly goods and services, especially by identifying and removing non-tariff barriers;
- encouraging partnership between Australian and Singaporean enterprises in the development of competence in new green growth industries; and
- promoting harmonisation and collaboration on standards and conformance to increase market interoperability.
The GEA highlights the Australian Government’s determination to carry out its trade diversification objective, boost regional energy security, capitalise on energy transformation opportunities, and support global climate action.
Minister for Trade and Tourism Don Farrell said the GEA would boost Australia’s economic, trade, investment, and business connections with Singapore.
“It will also open up new trade and investment opportunities, strengthen critical supply chains, and support our region’s transition to net zero,” Minister Farrell added.
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