SINGAPORE - Sustainability and digitalisation present new opportunities for Singapore and the region to grow their economies, even amid an increasingly fractured world, said Second Minister for Trade and Industry Tan See Leng on Thursday.
Associate Professor Simon Tay, chairman of the SIIA, said in his opening address that there could be further shifts in the world order and the rules we are accustomed to that underpin international relations. Dr Tan, who is also the Minister for Manpower, noted that areas such as green financing and carbon markets present good opportunities for economic growth.
"The growth of a thriving regional carbon market would contribute to economic growth, as well as job creation in services such as credit project development, carbon accounting, reporting and verification, and carbon trading," said Dr Tan. To establish Singapore's competitive edge early in a low-carbon future, the nation is currently working with Australia on a first-of-its-kind Green Economy Agreement, which aims to foster rules and standards that promote cross-border green economic activities and facilitate trade and investment in environmental goods and services.Dr Tan noted that the digital economy has enabled companies to gain access to new markets and opened up multiple possibilities to trade across borders.
For instance, Asean is pursuing free trade agreements with new partners such as Canada and upgrading existing ones, such as the Asean-Australia-New Zealand FTA, to ensure these agreements remain relevant in the post-pandemic economic climate.
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