SINGAPORE (The Straits Times/Asia News Network): Singapore and Brunei will deepen cooperation in the areas of energy, the green economy, and food and medical supply resilience, the Ministry of Trade and Industry (MTI) said on Wednesday (Aug 24).
The two countries signed two memorandums of understanding on Wednesday on the sidelines of Brunei's Sultan Hassanal Bolkiah's two-day state visit to Singapore.
The MoUs were signed by Minister for Trade and Industry Gan Kim Yong and Brunei's Minister at the Prime Minister's Office, Datuk Seri Setia Dr Awang Mohd Amin Liew Abdullah, who is also Minister of Finance and Economy II.
Both ministers also agreed to establish a joint committee led by MTI and the Brunei Ministry of Finance and Economy to oversee the developments stated in the MOUs.
Gan said the signing of the two MOUs signals the mutual interest between the two countries in moving towards a more sustainable and resilient future.
He said: "Singapore will continue to partner Brunei, with whom we share a special friendship, to explore areas of cooperation that will better prepare us for the future."
Both countries will strengthen bilateral cooperation in areas such as emerging low-carbon technologies and carbon capture and storage, with the aim of achieving both countries' climate ambitions.
The countries will also enhance cooperation and strengthen food and medical supply resilience. This includes developing capacity and capability for mutual support in times of crisis, such as by facilitating efficient movement of food and medical products between Singapore and Brunei.
Both countries share warm and longstanding bilateral economic relations, with Singapore's total trade with Brunei increasing by 24 per cent from 2020 to $2.7 billion in 2021.
They also engage each other through economic integration initiatives, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and the Indo-Pacific Economic Framework, said MTI.