(Source: Singapore Ministry of Foreign Affairs)
DEPUTY Prime Minister and Coordinating Minister for Economic and Social Policies, Tharman Shanmugaratnam, and Deputy Prime Minister of the Russian Federation, Maxim Akimov, (pictured above) co-chaired the Ninth Session of the High-Level Russia-Singapore Inter-Governmental Commission (IGC9) in Singapore on 19 September 2018.
DPM Tharman and DPM Akimov noted that 2018 marked the 50th anniversary of diplomatic relations between Russia and Singapore. They reaffirmed the good and growing ties between the two countries, and the importance of the IGC in serving as a platform to strengthen bilateral cooperation, particularly trade, investment and business ties. The DPMs agreed that both sides should keep up the momentum of cooperation achieved in recent years, and identified new areas of cooperation to broaden and deepen the relationship. In this regard, they welcomed expanding new collaborations in innovation, transport and logistics and education and skills training.
The first thing the DPMs did was to reaffirm Singapore and Russia’s strong support for the Eurasian Economic Union (EAEU)-Singapore Free Trade Agreement (FTA) and welcomed the progress made since the launch of FTA negotiations in 2017. Both sides are committed to working together on a bilateral Services & Investment Agreement, as part of the EAEU-Singapore FTA.
Second, the DPMs welcomed greater collaboration between Singapore and Russian regions in areas of mutual interest, such as urban planning, transport and logistics. In particular, the DPMs welcomed the discussions between the St Petersburg authorities and a consortium comprising Singapore Cooperation Enterprise (SCE), ST Engineering and other Singapore companies on a possible Urban Transport Management System (UTMS) in St Petersburg City, and expressed hope that an agreement could be signed by the end of 2018. Once it succeeds, this has the potential to be replicated in other cities.Second, the DPMs welcomed greater collaboration between Singapore and Russian regions in areas of mutual interest, such as urban planning, transport and logistics. In particular, the DPMs welcomed the discussions between the St Petersburg authorities and a consortium comprising Singapore Cooperation Enterprise (SCE), ST Engineering and other Singapore companies on a possible Urban Transport Management System (UTMS) in St Petersburg City, and expressed hope that an agreement could be signed by the end of 2018. Once it succeeds, this has the potential to be replicated in other cities.
Third, the DPMs encouraged deepening cooperation in new areas such as innovation. The promotion of start-up ecosystems and developing the digital economy are common interests to both countries. The DPMs welcomed the signing of a Memorandum of Understanding (MOU) between the Internet Initiatives Development Fund (IIDF), a Russian venture capital fund, and Singapore’s Action for Community Entrepreneurship, as well as the signing of an MOU between the Russian Export Centre (REC), Skolkovo Foundation, Sistema Group and Enterprise Singapore (ESG). These MOUs will allow start-ups from both countries to gain access to networks, markets, and resources in both Singapore and Russia. The DPMs agreed to further encourage commercial partnerships in the information and communications technology sector and digital economy. Both DPMs signed the Joint Statement (appended) upon the conclusion of the IGC, and looked forward to further progress before the Tenth Session of the IGC in Russia in 2019. The DPMs also expressed strong support for the Russia-Singapore Business Forum (RSBF) 2018, that will take place on 20 September 2018.
