Singapore and Brunei strengthen cooperation in green economy

International Business News  –  According to a recent release from Singapore’s Ministry of Trade and Industry (MTI), the country has just signed a number of Memoranda of Understanding (MOUs) with Brunei to strengthen cooperation in the areas of energy, green economy, food and healthcare.

The two countries reportedly signed two Memoranda of Understanding (MOUs) on cooperation in the fields of energy, green economy and food and healthcare during Sultan Hassanal Bolkiah of Brunei’s two-day state visit to Singapore. Both sides also agreed to establish a joint committee led by MTI and Brunei’s Ministry of Finance and Economy to oversee the implementation of the two MOUs.

Under the MOU on cooperation in the field of energy and green economy, the two countries will strengthen cooperation in emerging low-carbon technologies such as hydrogen energy, solar energy and carbon capture.

Under the MOU on food and healthcare, both sides will promote investment and cooperation in these areas and support each other in times of crisis, such as creating favorable conditions for the transportation of food and medical products between the two countries.

In 2021, bilateral trade between Singapore and Brunei grows by 24 percent to $2.7 billion. The two countries also maintain economic ties through a series of agreements such as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership Agreement (RCEP), and the Indo-Pacific Economic Framework.

In addition to the two MOUs mentioned above, the two countries have also signed MOUs on youth education scholarships and public services to support Bruneian students to study in Singapore and to enhance the exchange of national management experiences between the two countries.