Illustrative image (Photo: https://www.toursingapore.net.vn/)Hanoi (VNA) - Singapore inked amemorandum of understanding (MoU) on establishing a bilateral Green Economy Framework with the UKat a video conference between Singaporean Minister for Trade Relations SIswaran and Secretary of Energy Security and Net Zero of the UK Grant Shapps on March 1.
The UK-Singapore Green Economy Framework (UKSGEF), which covers three areas of green transport, low carbon energy and technologies, and carbon markets and sustainable finance, is hoped to promotebilateral cooperation in the green economy, support economic growth andcreate jobs in green sectors whilst encouraging the decarbonisation of economicactivities.
Singapore and the UK have identified possible areasof cooperation, such as maritime and air transport decarbonisation. Theframework will also support collaboration between the two countries’governments, academia and business communities through joint activities suchas enterprise matching and co-innovation projects as well as green capabilitydevelopment for small- and medium-sized enterprises.
Iswaran said the framework is built on the basis of the robust and dynamicbilateral economic partnership, which is underpinned by the UK-Singapore FreeTrade Agreement (UKSFTA) and the UK-Singapore Digital Economy Agreement(UKSDEA).
Through this initiative, both sides will enhancecooperation in areas such as innovative decarbonisation measures, low carbonenergy and technologies, and high-integrity carbon markets.
The UK is Singapore’s sixth largest service and trading partner globally, with bilateraltrade in services exceeding 23 billion USD in 2020. The UK is also the largestEuropean investor in Singapore and the second largest investment destination inEurope for Singaporean firms. The UK has so far invested nearly 130 billion USDin Singapore, while Singapore’s investment in the UK reached nearly 65 billionUSD./.
