According to Singapore and Malaysia sign agreements to deepen cooperation in digital, green economy | The Straits Times, As part of their agreement, Singapore and Malaysia will work closely on data protection and cyber security, as well as expand their bilateral collaboration and exploit possibilities in the green economy and digital economy. On Monday, during Datuk Seri Anwar's first official visit to the Republic since being sworn in as Malaysia's 10th PM on November 24, Prime Minister Lee Hsien Loong and Malaysian Prime Minister Anwar Ibrahim saw the signing of three agreements addressing these subjects. The Ministry of Trade and Industry and the Ministry of International Trade and Industry of Malaysia have inked two agreements to collaborate on the digital economy and the green economy.
The cooperation, which is the first green economy pact Malaysia has inked with any nation, is anticipated to increase collaboration to decarbonize both nations' industries and support businesses and employees in pursuing green economy prospects. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, two trade agreements that both Singapore and Malaysia have ratified, do not explicitly address collaboration. The digital economy framework of cooperation will aim to do so.
Additionally, the pact aims to encourage greater Asean-wide cooperation in the digital economy. Trade facilitation, cross-border data flows, electronic payments, digital identities, including work to support the creation of the ASEAN Unique Business Identification Number, and supporting the digitalization of industries and small businesses to increase their competitiveness, are just a few of the topics that will be covered.
The third agreement, which is a memorandum of understanding between Singapore's Ministry of Communications and Information (MCI) and Malaysia's Ministry of Communications and Digital on cooperation in the areas of personal data protection, cyber security, and digital economy. It will make it easier for people to share knowledge, skills, and best practices in fields including data protection laws, international data transfers, preventing common cyberthreats, and cutting-edge technologies like artificial intelligence and distributed ledger technology.
