Singapore and Malaysia conclude frameworks on cooperation in the digital economy and green economy
27 February 2023
On 30 January 2023, the Ministry of Trade and Industry (“MTI”) announced the conclusion of two Frameworks of Cooperation (“FoCs”) with its Malaysian counterpart, the Ministry of International Trade and Industry. The FoCs were substantially concluded in August 2022. The FoCs seek to lay the foundation for cooperation between Singapore and Malaysia in the digital economy and the green economy.
FoC on digital economy
In the FoC on digital economy, Singapore and Malaysia agreed to cooperate on a range of initiatives, including accelerating the trade process, implementing interoperable mechanisms for the protection of personal data, and exploring collaboration in new and emerging areas such as cybersecurity.
Singapore and Malaysia also reaffirmed their commitment to collaborating on the development of safe, efficient, and secure cross-border e-payment systems, working towards an ASEAN network of linked real-time payment systems.
Preliminary discussions are also underway on possible projects including a bilateral pilot on corporate digital identities, knowledge-sharing on the development of Singapore’s national digital identity regime, and collaboration to support the digitalisation of micro, small, and medium enterprises (MSMEs) in Singapore.
FoC on green economy
Singapore and Malaysia seek to strengthen collaboration to decarbonise industries and enable businesses and workers to seize opportunities in the green economy.
Under the FoC on green economy, both countries agreed to cooperate in several initiatives including exploring collaboration on EV (electric vehicle)/AV (autonomous vehicle) standards, to facilitate knowledge sharing and business networking for enterprises from both countries to learn about sustainable business practices, to exchange information on low-carbon solutions, and to exchange information on the development of new and renewable energy related technology standards which could support regional decarbonisation.
This FoC is the first green economy agreement Malaysia has signed.
The press release is available on the MTI website www.mti.gov.sg.