KUALA LUMPUR (June 30): Malaysia and Singapore have agreed to begin discussions on frameworks of cooperation related to the digital and green economy with a view to concluding them this year.

Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali and Singapore Minister for Trade and Industry Gan Kim Yong met in Kuala Lumpur on Thursday (June 30) and agreed that the recently launched Indo-Pacific Economic Framework (IPEF) has strategic and economic significance towards strengthening the region’s trade ecosystem and to provide the impetus to optimise the multi-fold benefits.

Azmin Ali said in a joint press release that the digital and green aspects are rapidly becoming the fundamental form of the economy.

Therefore, embarking on a conscientious collaboration in these two areas will bring about a wider range of benefits to businesses in both countries, namely, in entrepreneurship, industrialisation, investment and trade aspects, the statement said.

The frameworks of cooperation are also for both countries to bring about implementable and targeted programmes to contribute towards sustainable global economic linkages, including those being fostered through the Association of Southeast Asian Nations (Asean), the statement said.

The Covid-19 pandemic has highlighted the importance of digital connectivity between countries besides accelerating the digital transformation of traditional business models. Therefore, to prepare for the next phase of growth in the digital economy, it is important for Singapore and Malaysia to foster greater interoperability and collaboration, the statement said.

Meanwhile, Gan said the digital and green economy are key drivers of economic growth and discussions on cooperation frameworks would bring about tangible benefits to both economies.