Using blockchain to track goods, promoting green financing: 19 deals reached at S’pore-China meeting

Singapore and China reached 19 agreements at the 18th Joint Council for Bilateral Cooperation on Tuesday. PHOTO: LIANHE ZAOBAO

SINGAPORE - Singapore and China reached 19 deals at an annual top-level meeting between government leaders on Tuesday.

Here are some of the key outcomes from the 18th Joint Council for Bilateral Cooperation – the highest-level bilateral forum to deepen ties between both countries.

Financial cooperation initiatives

A green finance task force will be established by the Monetary Authority of Singapore and the People’s Bank of China to facilitate greater public-private sector exchanges to mobilise private capital for the region’s sustainable development needs.

The Singapore Exchange (SGX) and Shenzhen Stock Exchange will welcome the first three participating exchange-traded funds (ETFs) under an initiative called the ETF Product Link by 2022. This initiative allows investors to access such investment opportunities in each other’s markets.

SGX, the Shanghai Stock Exchange and Shenzhen Stock Exchange will jointly launch a low-carbon index family by 2022, to serve as a benchmark for fund managers to launch new green funds focused on China, Asean and other countries in Asia.

This is aimed at raising interest in green investment opportunities in the region, and channelling capital to the region’s leading sustainable firms.

Green economy and sustainability

Singapore’s Ministry of Trade and Industry and the Chinese Ministry of Commerce launched a joint study on green economy cooperation to identify challenges and develop recommendations on cross-border trade and investment in green development.

A memorandum of understanding reached between the Singapore University of Technology and Design and the Tianjin Eco-City authorities and the city’s master developer aims to develop and apply smart technologies and solutions for sustainability, and nurture education, research and entrepreneurial talents.

Movement of goods

Using blockchain technology, a new tracking system will be launched by 2022 to improve visibility of trade between both countries, starting with the Port of Singapore and two Chinese ports – Qinzhou, in the Guangxi autonomous region, and Yangshan, in Shanghai.

The collaboration will enable the Customs authorities from both sides to provide trader communities with visibility and transparency of container movements and their Customs declaration and clearance status in near real time.

Professional exchanges

Tianjin Eco-City’s administrative committee and Singapore’s Civil Service College have committed to holding regular exchanges for officials to discuss topics such as emergency and disaster management through seminars, forums or study visits.

Trade agency Enterprise Singapore and China’s Standardisation Administration reached an agreement to strengthen collaboration on standardisation activities and reduce technical barriers to trade, including through technical discussions and industry round-table sessions.

Tourism

An agreement between the Singapore Tourism Board and the Chongqing Municipal Development Committee of Culture and Tourism was renewed to further professional exchanges and increase air connectivity between the cities. The previous deal expired in 2021.

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