On 22 August 2022, Singapore and Malaysia announced the substantive conclusion of two Frameworks of Cooperation, one in the green economy and another in the digital economy. The Frameworks of Cooperation serve as the basis for future bilateral initiatives related to the digital and green economies. The countries plan to sign both frameworks by the end of this year.
The digital economy framework will enable growth in areas including trade facilitation, investment promotion and facilitation in digitalisation, as well as the digitalisation of micro, small and medium-sized enterprises. This would present numerous opportunities in corporate and business fields in both countries.
The green economy framework, on the other hand, will provide opportunities to the two countries to decarbonise their industries.
Singapore and Malaysia have agreed to cooperate in areas such as next-generation mobility; environmental, social and governance policy exchanges; and low-carbon solutions; as well as work on carbon credits industry collaborations
(Sources: Ministry of Trade and Industry; Straits Times)