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Singapore Integrating Digital Trade and Sustainability

Minister for Trade and Industry Gan Kim Yong recently participated in the APEC Ministers Responsible for Trade (MRT) Meeting in Detroit, Michigan. With the theme “Creating a Resilient and Sustainable Future for All,” the APEC MRT meeting was hosted by the U.S., APEC 2023 Chair, and was attended by Trade Ministers and Senior Officials from the 21 APEC economies.

Minister Gan made three suggestions to ensure that the World Trade Organisation (WTO) responds more effectively to the challenges nowadays. First, restoring a fully functioning and effective Dispute Settlement System. Second, updating the WTO’s rulebook to address emerging issues on digital trade and environmental sustainability. Third, improving the WTO’s decision-making process.

In today’s interconnected world, digital trade is critical for facilitating frictionless transactions, improving market access, and supporting economic progress. It increases efficiency, creativity, and global connectivity while decreasing barriers and expenses while environmental sustainability is critical for protecting the planet’s resources and combating climate change.

Hence, countries can achieve a healthy balance between economic development and environmental stewardship by integrating digital trade and environmental sustainability, assuring a profitable and sustainable future for future generations.

In addition, Minister Gan spoke on Singapore’s commitment to transition to a green economy. He highlighted that Singapore remained steadfast in securing greener sources of energy, investing in new technologies, strengthening businesses’ capabilities, and upskilling the workforce. The Minister added that Singapore would continue to look towards new trade architectures, such as Green Economy Agreements, to harness green growth opportunities for the people.

One year, after Leaders launched the Indo-Pacific Economic Framework for Prosperity (IPEF) in May 2022, Ministers from the 14 IPEF partner countries, announced the substantial conclusion of negotiations on an IPEF Supply Chain Agreement.

This is the first multi-country arrangement to strengthen the resilience and connectivity of supply chains through collective and individual actions. Three coordination bodies will be established to advance cooperation among IPEF countries:

  • A Supply Chain Council that will develop sector-specific action plans to strengthen resilience in critical sectors and key goods;
  • A Crisis Response Network to facilitate emergency communications and coordination between governments during supply chain disruptions; and
  • A tripartite Labour Rights Advisory Board that will help promote labour rights in IPEF countries’ supply chains.

The Ministers also introduced a regional hydrogen initiative to encourage the widespread deployment of low-carbon and renewable hydrogen and its derivatives in the Indo-Pacific region, by drawing upon expertise from both the public and private sectors.

According to Minister Gan, Singapore joins other IPEF partners in welcoming an innovative Supply Chain Agreement that will enhance the individual and collective efforts to strengthen the resilience and connectivity of the supply chains.

This will also put the nation in a stronger place to anticipate and respond to any future disruptions to these supply chains. Singapore looks forward to the early operationalisation of the Agreement, as well as further progress being made on the negotiations on the other IPEF pillars. Singapore welcomes the introduction of the hydrogen initiative among interested IPEF partners, to capitalise on the promise of growth in this area and support the respective green economies.

To support these efforts, Minister Gan announced that Singapore will offer capacity-building programmes on topics relevant to each of the four IPEF pillars, such as trade and business development, supply chain management, clean energy and emission reduction, and anti-corruption.

The programmes are organised by Singapore government agencies including the Ministry of Foreign Affairs (MFA), Infocomm Media Development Agency (IMDA), Maritime Port Authority (MPA), Inland Revenue Authority of Singapore (IRAS), Tax Academy, and the Corrupt Practices Investigation Bureau (CPIB), as well as with other IPEF partners like Japan.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.