Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam and Deputy Prime Minister of the Russian Federation Dmitry Chernyshenko co-chaired the 11th Session of the High-Level Russia-Singapore Inter-Governmental Commission (IGC11), which was held via videoconference between Russia and Singapore on 17 December 2021. They were joined by the Deputy Co-Chairs of the IGC, Second Minister for Trade and Industry Dr Tan See Leng and Russian Deputy Minister of Economic Development Vladimir Ilyichev, as well as representatives of relevant Singapore and Russian ministries and agencies.
SM Tharman and DPM Chernyshenko reaffirmed the multifaceted and growing ties between Singapore and Russia since the IGC’s establishment in 2010. In addition to promoting bilateral trade and investments, the IGC has catalysed greater cooperation in a wider range of sectors, including transport; infrastructure; agriculture; digital, innovation, and technology; training and education; culture; and legal cooperation. The Co-Chairs reviewed progress since the 10th Session of the High-Level Russia-Singapore Inter-Governmental Commission, held in Vladivostok, Russia in 2019. Both sides also noted the good progress made to establish the Russian Cultural Centre in Singapore, which, once completed, will contribute to greater cultural exchanges and strengthen people-to-people ties between Singapore and Russia.
SM Tharman and DPM Chernyshenko welcomed strong trade and economic cooperation. Even amidst COVID-19, total bilateral trade in the first three quarters of 2021 increased significantly year-on-year. Collaborations in food trade and the digital sector were robust. The Co-Chairs highlighted the importance of continuing to expand bilateral cooperation, especially as the two economies seek to emerge from COVID-19 and restore growth. Building trade architecture like the Eurasian Economic Union – Singapore Free Trade Agreement (EAEU – Singapore FTA) was crucial in enhancing trade and investment. They looked forward to the expeditious completion of the Services and Investment (S&I) Agreement between Russia and Singapore, which is currently being negotiated, and which is a key component of the EAEU – Singapore FTA. The Co-Chairs acknowledged the positive contribution the FTA would make to Russia-Singapore economic relations when completed, including in boosting business partnerships and establishing stronger ties. On energy, both sides discussed the importance of cooperation, especially in emerging low-carbon solutions such as hydrogen and carbon capture, utilisation and storage (CCUS). Both sides look forward to collaboration opportunities in these areas, including knowledge sharing on energy transition.
SM Tharman and DPM Chernyshenko witnessed the signing of the following Memorandums of Understanding between:
Singapore’s National University of Singapore (NUS) and Russia’s Skolkovo Institute of Science and Technology, on projects such as educational and research programmes, as well as events and seminars.
Singapore’s NextEvo International and Russia’s Sportmaster, to develop sustainable fabrics for commercial use.
Both SM Tharman and DPM Chernyshenko signed the Joint Statement (attached) upon the conclusion of the IGC, and looked forward to the 12th Session of the IGC in Singapore in 2022.
Source: Ministry of Foreign Affairs, Government of Singapore