The Singapore Ministry of Trade and Industry ('MTI') announced, on 13 June 2022, that it had signed a Memorandum of Understanding ('MoU') with China on promoting cooperation in green development ('the Green Development MoU') and enhancing cooperation in the digital economy ('the Digital Economy MoU').

In particular, the MTI highlighted that the Green Development MoU aims to promote bilateral cooperation in the green economy through policy sharing and business cooperation in areas, such as renewable energy, green building, and finance, as well as water and waste management. On this point, the MTI noted that Singapore and China will encourage businesses to carry out joint research and development activities, and jointly promote low carbon technological innovations.

In regard to the Digital Economy MoU, the MTI detailed that it seeks to strengthen bilateral cooperation and exchanges between Singapore and China in the digital economy by exploring joint opportunities for growth. More specifically, the MTI provided that both sides will enhance cooperation in areas, including investment, digital trade, the sharing of best practices on digital economy regulations and policies, as well as the establishment of a trusted and secure digital environment.

Finally, the MTI stated that both parties will establish working groups to oversee the implementation of the MoUs.

You can read the press release here.