Singapore’s Ministry of Trade and Industry (MTI) and Malaysia’s Ministry of International Trade and Industry (MITI) have agreed to begin discussions on Frameworks of Cooperation in the digital economy and green economy, with a view to concluding the Frameworks this year, both ministries said in a joint release on Thursday (Jun 30).

Singapore’s Minister for Trade and Industry Gan Kim Yong had met Malaysia’s Senior Minister and Minister of International Trade and Industry Mohamed Azmin Ali in Kuala Lumpur that day to discuss deeper cooperation in those areas.

With the digital and green economies both being key to sustainable and inclusive growth for both countries, the Frameworks of Cooperation will serve as the basis for future bilateral cooperation initiatives in these areas, said the ministries.

In the digital economy, for instance, it is important for both sides to foster greater inter-operability and collaboration. In the green economy, Singapore and Malaysia can partner on efforts to decarbonise industries, and enable businesses and workers to seize opportunities.

Said Gan: “Singapore and Malaysia share strong economic relations, and the discussions on Frameworks of Cooperation represent the commitment of our two countries to deepen existing bilateral economic collaboration, and bring about tangible benefits to our economies.”

 

 

Azmin Ali said that such collaboration will benefit businesses in both countries, in aspects such as entrepreneurship, industrialisation, investment and trade. Through the Frameworks, both countries can also come up with targeted programmes that will contribute towards greater, sustainable global economic linkages, including those being fostered through ASEAN, he added.

The discussion by both ministers also touched upon their recent engagement at the Informal Ministerial Meeting on the Indo-Pacific Economic Framework (IPEF) in Paris.

Both ministers affirmed the IPEF’s strategic and economic significance, as a valuable platform for the United States to engage the region and for countries to work together to strengthen the open and rules-based trade ecosystem. They underscored the importance of the IPEF staying open, inclusive, and flexible, which would facilitate broader participation and more meaningful collaboration.

 

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