Australia and Singapore on Tuesday signed a “Green Economy Agreement" (GEA) as the two countries embark on collaborating on finance, tech, and investment in clean energy.
Speaking at a news conference in Canberra, Australia’s capital, Singapore’s Prime Minister Lee Hsien Loong said the deal covers a series of environmental products and services to start preferential trade treatment.
He added that the agreement would help Singapore's transition to net-zero emissions. It would also create job opportunities in the green economy, enhancing development of green technologies.
Australian Prime Minister Anthony Albanese said the historic bilateral contract provides grounds for businesses to take advantage of opportunities created by the clean energy transition across the world. He noted that “With this deal we set up a framework for progression of the transition and support industries.”
The two countries will, under the contract, accelerate trade and investment in green products and services through identification and reduction of non-tariff obstacles and develop collaboration in their businesses in order to enhance green sectors. The Australian initial investment, valued at $19.6 million for 4 years, will create job opportunities in the country and reinforce trade, supply chains, and market niches.
Anthony Albanese mentioned the $18.8 billion Sun Cable project to transfer solar power to Singapore. He further added such a project is “the ultimate win-win.”
The two leadersalso discussed the security breach of Optus, the Australian telecommunications company, owned by the Singaporean telecommunications company Singtel. In this regard, cybersecurity firms in Singapore had offered help to Australia, said Lee.