Singaporean Prime Minister Lee Hsien Loong and Malaysian counterpart Anwar Ibrahim signed three bilateral cooperation agreements on the digital economy, green economy, personal data protection, and cyber security on January 30.
Anwar is in Singapore for his first official trip there since he became Malaysia’s 10th prime minister on November 24, 2022.
Singapore’s Ministry of Trade and Industry and Malaysia’s Ministry of International Trade and Industry signed two agreements about the digital economy and the green economy.
Malaysia’s first green economy deal with another country was the green economy framework agreement.
The agreement should make it easier for the two countries to work together on reducing carbon emissions and help businesses and workers take advantage of opportunities that the green economy can offer.
The two countries will work together to set standards and set up charging stations for electric cars.
They will share information about low-carbon solutions, including technical and regulatory issues, and look into joint studies and demonstration projects, especially in hydrogen and carbon capture, use, and storage.
Within the framework of digital economic cooperation, the two countries will strengthen their cooperation within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), as well as under the terms of these two agreements.
The agreement is also expected to help ASEAN expand its digital economic cooperation in areas like trade facilitation, cross-border data flows, electronic payments, digital identity, and helping industries and small businesses become more digital to make them more competitive.
In the meantime, Singapore’s Ministry of Communications and Information (MCI) and Malaysia’s Ministry of Communications and Digital (MCD) signed a memorandum of understanding (MOU) that will allow them to work together on issues like personal data protection and cybersecurity.
The MOU is meant to help the governments of the two countries share information, expertise, and solutions about data protection policies, cross-border data flows, and common cybersecurity threats and new technologies like artificial intelligence and distributed ledger technology.
Info source – Vietnamplus