Singapore, Chile, and New Zealand have begun negotiations for a plurilateral Green Economy Partnership Agreement (GEPA), announced on Friday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meetings in South Korea.
At the launch event, Singapore Prime Minister Lawrence Wong expressed optimism for a ‘substantial outcome’ by the next APEC Summit. The proposed pact will focus on new categories of environmental goods and services, including sustainable aviation fuel, carbon credits, and trade-related climate measures.
These topics were identified following several rounds of discussions under a joint working group on trade and the green economy established in November 2024.
PM Wong said the agreement aims to establish common rules and standards to support the flow of green goods and services, modernizing trade and investment frameworks while accelerating the global transition to sustainability. “The GEPA will lower barriers to trade, create opportunities in the green economy, and generate quality jobs,” he said.
Emphasizing the shared vision of growth and sustainability, Wong noted that technological advances have shown both goals can complement each other. “Trade can facilitate our collective green transition by enabling cross-border flows of goods, services, technologies, and finance,” he added.
New Zealand Prime Minister Christopher Luxon highlighted that as global environmental regulations evolve rapidly, collaboration among nations is essential to simplify compliance and reduce burdens on businesses.
Chilean President Gabriel Boric echoed this sentiment, noting that other nations are closely watching the initiative. “I know other countries are looking to what we are doing,” he said.
Wong commended the collaborative legacy of the three nations, recalling their earlier partnerships in pioneering the Trans-Pacific Strategic Economic Partnership, which evolved into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the first-of-its-kind Digital Economy Partnership Agreement (DEPA).
“We may be three small countries, but we have a proven track record of pioneering innovative agreements together,” he said.
Encouraging officials to ‘look beyond conventional approaches’ and draw on private-sector expertise, Wong expressed confidence that GEPA could transform trade into a ‘force for good,’ driving economic growth while advancing global climate action.
PM Wong is attending the 32nd APEC Economic Leaders’ Meeting in Gyeongju, where the first session is scheduled later on Friday.
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