Australia, Singapore sign landmark Green Economy Agreement

ANKARA (AA) - Australia and Singapore on Tuesday signed a first-of-its-kind Green Economy Agreement (GEA) to strengthen regional trade and investment in clean energy.

Australian Prime Minister Anthony Albanese said in a statement issued by his office that the landmark bilateral agreement between the two countries will support businesses to seize economic opportunities presented by the global clean energy transformation.

“This world-first agreement establishes a framework under which our countries can advance work on the clean energy transformation and support businesses and industry," Albanese said.

“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,” he added.

Under the agreement, both countries will facilitate trade and investment in green goods and services by identifying and reducing non-tariff barriers, as well as promoting collaboration in businesses to build capability in new green growth sectors.

Australia has also announced an initial investment of $19.6 million (approximately $12.34) over four years for new cooperation under the GEA that will support job creation at home and strengthen supply chains, trade, and market opportunities, according to the premier.

Singapore's Prime Minister Lee Hsien Loong, who is in Canberra for annual talks with his counterpart, praised the agreement, saying it is the first GEA signed to support their countries' transition to net zero emissions.

"(This will) create jobs and growth opportunities in green sectors and promote the development and commercialization of green technology," he said.​​​​​​​