Green Economy Agreements (GEAs)

About GEAs

Green Economy Agreements seek to foster common rules and standards that promote trade and investment in green goods, services and technologies; develop interoperable policy frameworks to support the growth of new green growth sectors and capabilities; and catalyse technology development and cooperative projects in the emerging green economy.

A GEA could comprise Government-to-Government commitments and cooperative projects across modules, including:

1. Green Economy Principles, which will guide international cooperation in the emerging global economy.

2. Trade and Investment, which will support efforts to reduce tariff and non-tariff barriers with lists of over 350 and 150 environmental goods and services respectively.

3. Standards and Conformance, which will reduce compliance costs for exporters with alignment of standards and technical regulations.

4. Clean Energy, Decarbonisation, and Technology, which will enhance cooperation in cross-border electricity trade, sustainable shipping, and aviation.

5. Green and Transition Finance, which will align sustainable finance policies to mobilise private capital into green and transition projects.

6. Carbon Markets, which will support the development of compatible and credible international carbon markets with high standards of social and environmental integrity.

7. Green Skills and Capabilities, which will prepare a workforce that is skilled and ready for new and emerging green occupations.

8. Engagements & Partnerships, which will catalyse business and technology partnerships to facilitate greater two-way commerce and investment opportunities in green growth sectors.

GEAs are negotiated by the Ministry of Trade and Industry.

Benefits of GEA

GEAs can remove non-tariff barriers to trade in green goods and services. This will help reduce regulatory burdens on businesses and increase access to green goods and services in both Singapore’s and our partner countries’ markets.

GEAs will also foster rules and standards that promote cross-border green activities and support the development and commercialisation of green technologies. This will promote conducive environments for businesses and research institutes to engage with overseas partners, access green opportunities abroad and translate novel solutions to applications at scale.

We hope to generate practical benefits to the real economy and workforce by catalysing business and commercial opportunities, intergovernmental and public-private partnerships, and job creation in sustainable sectors, as the world transits to sustainable and low carbon growth.

Developing a network of GEAs with like-minded international partners will also contribute to the global discourse on trade and the environment and strengthen global capacity to address climate change.

Industry consultation

The Ministry of Trade and Industry and the Ministry of Sustainability and the Environment conducted a series of direct consultations with companies across the full range of areas in the Green Economy Agreement (GEA) to understand more about their interests in the GEA.

We will continue efforts to further strengthen and develop the Singapore-Australia GEA. We will also continue implementing joint initiatives and projects under the agreement to secure tangible benefits for both sides.

We invite industry stakeholders to join us in advancing international cooperation in the green economy. Should you wish to provide feedback or views, written submissions can be sent to feedback@gea.gov.sg.