S'pore, other IPEF nations agree to lower carbon emissions and corruption in trade

Supply Chain Agreement also signed by group comprising 4 Indo-Pacific countries

- Ovais Subhani

Singapore, the United States and 12 other Indo-Pacific countries have concluded agreements aimed at lowering both carbon emissions and corruption in trade, the Ministry of Trade and Industry (MTI) said on Thursday.

Singapore, which is part of the Indo-Pacific Economic Framework for Prosperity (IPEF) group of countries, and the US substantially concluded negotiations on the IPEF Clean Economy Agreement and IPEF Fair Economy Agreement at the IPEF Ministerial Meeting in San Francisco.

The group also made progress on the IPEF Trade pillar under the Supply Chain Agreement. Concluded earlier in 2023, the agreement seeks to develop high-standard, inclusive, free, fair and open trade commitments built upon the rulesbased multilateral trading system.

Minister for Trade and Industry Gan Kim Yong said: "The signing of the Supply Chain Agreement, and the substantial conclusion of the Clean Economy and Fair Economy agreements, will create opportunities for Singapore businesses and help them expand in the region and internationally.

"They (the agreements) will provide more opportunities to secure investments and participate in the development of new climate solutions, and help establish an even more conducive business environment for companies looking to expand abroad."