Singapore, Chile, and New Zealand enter negotiations for green economy agreement

Areas of cooperation include sustainable aviation fuel and trade-related climate measures.

Singapore, Chile and New Zealand have launched negotiations for a plurilateral Green Economy Partnership Agreement (GEPA), building on their shared commitment to advance trade and investment in the green economy.

On 31 October, the ministers for trade of the three countries met in Gyeongju, Republic of Korea, to discuss ways in which trade can support the acceleration of the green transition, and agreed to commence formal negotiations to establish a new GEPA.

Under GEPA, Chile, New Zealand and Singapore will establish a framework to boost trade and investment in the green economy by lowering barriers, enhancing interoperability of environmental standards and eco-labelling, and supporting the trade of environmental goods, services, and intangible environmental attributes.

The agreement aims to improve coordination on emerging trade-related climate measures, promote low-carbon solutions, and encourage sustainable practices across key sectors. As a “living document,” GEPA will evolve over time to include new areas of cooperation in response to technological and regulatory developments, complementing ongoing green economy work within the WTO, APEC, and other international fora.

“Singapore, Chile, and New Zealand have a proven track record of pioneering innovative and future-oriented agreements together. The GEPA continues this tradition – setting new standards in the green economy, and creating opportunities for our businesses and workers. It reflects our shared commitment to move forward together toward a low-carbon future,” Prime Minister and Minister for Finance Lawrence Wong said.

Potential areas of cooperation in the GEPA include new environmental goods such as sustainable aviation fuel, non-physical environmental goods such as carbon credits and renewable energy certificates, and trade-related climate measures, amongst others.

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