SINGAPORE - China and Singapore have strengthened bilateral relations after the two countries announced collaborations to promote the green economy and enhance cooperation and exchanges in the digital economy.
On Monday (June 13), Singapore Minister for Trade and Industry Gan Kim Yong and China Minister of Commerce Wang Wentao signed two memoranda of understanding (MOUs) on the sidelines of the World Trade Organisation's (WTO) 12th Ministerial Conference in Geneva, Switzerland.
An MOU on green development will promote bilateral cooperation in the green economy through policy sharing and business cooperation.
It will focus on areas such as renewable energy, green building, green finance, as well as water and waste management.
Both countries will also encourage businesses to carry out joint research and development activities and jointly promote low carbon technological innovations, said the Ministry of Trade and Industry (MTI) in a release.
Meanwhile, an MOU on the digital economy will strengthen bilateral cooperation and exchanges in the digital economy.
This will be done through the exploration of joint opportunities for growth in areas such as investment cooperation, digital trade and digitally enabled services, among others.
Singapore's MTI and China's Ministry of Commerce will establish working groups to oversee the implementation of both MOUs.
In a post on LinkedIn, Mr Gan spoke of his meeting with Mr Wang, saying that they discussed the deepening of the countries bilateral relations as well as collaboration in international fora such as the WTO.
The digital economy is an important driver of global economic growth, while the green economy is increasingly critical to help countries address challenges arising from global climate change, said Mr Gan, in a separate statement issued by MTI.
He added: "The signing of the two MOUs not only signify Singapore and China's commitment to broaden and deepen our bilateral cooperation, but also provide new impetus for our countries to explore new areas of cooperation in digital economy and green economy that can address shared policy priorities and business interests."
