Singapore and the UK have signed the Green Economy Framework

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The UK-Singapore Green Economy Framework (UKSGEF), which covers three areas: green transport, low-carbon energy and technologies, carbon markets and sustainable finance, is expected to promote bilateral cooperation in the green economy, support and build economic growth. Jobs in green sectors while promoting decarbonisation of economic activity.

Singapore and the UK have identified potential areas of cooperation, such as the decarbonisation of shipping and aviation. The framework will support cooperation between governments, universities and business communities of the two countries through joint activities such as business matchmaking and co-innovation projects, as well as developing green capabilities for small and medium-sized enterprises.

S Eswaran This framework is built on the foundation of a strong and dynamic bilateral economic partnership, underpinned by the UK-Singapore Free Trade Agreement (UKSFTA) and the United Kingdom-Singapore Digital Economy Agreement (UKSDEA).

Through this initiative, the two sides will strengthen their cooperation in areas such as innovative decarbonization measures, low-carbon energy and technologies, and highly integrated carbon markets.

The UK is Singapore’s sixth largest trading and services partner, with two-way trade in services of over US$23 billion in 2020. The UK is the largest European investor in Singapore and the second largest target investor in Europe for Singapore companies. The UK has so far invested nearly US$130 billion in Singapore, while Singapore’s investment in the UK has reached nearly US$65 billion.

VNA/CVN