WASHINGTON – Singapore and Canada have agreed to enhance bilateral cooperation in science, technology and innovation, the two countries said in a joint statement on May 2.

This covers areas such as artificial intelligence, biotechnology and digital and green technologies.

“We are excited to explore potential synergies,” Minister for Trade and Industry Gan Kim Yong said in Ottawa. He was there to meet his Canadian counterpart, Minister of Export Promotion, International Trade and Economic Development Mary Ng.

Both countries have vibrant science, technology and innovation ecosystems, and were ranked in the top 15 in the Global Innovation Index, Mr Gan noted at an event to announce the agreement in the Canadian capital.

While Singapore and Canada have already been working closely together on platforms such as the Eureka Network, which fosters international cooperation in innovation, Mr Gan said they can do more to promote awareness of business opportunities among their companies and facilitate co-innovation.

They are also working on building links between their research organisations and exploring joint research, talent exchanges and other forms of partnerships, he added.

Officials on both sides have had positive discussions on the green economy, Mr Gan said, adding that he looks forward to furthering these talks and identifying tangible ways to work together.

The Ministry of Trade and Industry said Mr Gan and Ms Ng plan to work closely through a framework for green economy cooperation, particularly in the areas of green and low-carbon technologies, carbon pricing and markets, trade and green economy initiatives, as well as green and transition financing.

According to the joint statement, enhanced cooperation may take the form of partnerships that seek to convert advanced research into commercial applications, or that facilitate increased access to research, technology, markets and talent.

The two countries have also agreed to support research that is oriented towards international commercialisation, as well as projects between Canadian and Singaporean small and medium enterprises.

Both nations will build connections between research organisations, market-oriented networks and innovation agencies to explore the best ways to support research and innovation.

There will also be an exchange of knowledge and best practices between Singapore and Canada.

Shared principles

The agreement to enhance bilateral cooperation is based on four principles, the joint statement said.

First, both countries acknowledge that science, technology and innovation play a fundamental role in fostering economic growth, competitiveness and prosperity.

Second, both see themselves as global leaders in complementary research, development and innovation areas.

Third, they consider international cooperation to be mutually beneficial to the researchers and businesses of Canada and Singapore.

Finally, to succeed in the global innovation economy, they aim to strengthen their abilities to accelerate the translation of innovations, the protection of intellectual property, the commercialisation of emerging technologies, and the growth of their domestic companies in regional and global markets.

Both countries may also establish appropriate bilateral consultation mechanisms comprising representatives from each country, the joint statement said. This is aimed at identifying new opportunities and areas for enhanced cooperation, and coordinating the implementation of relevant activities.

Mr Gan said Singapore and Canada have been “natural partners” at international platforms such as the World Trade Organisation, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Asia-Pacific Economic Cooperation, given that they share an “enduring commitment” to several principles.

This includes free trade, respect for the rule of law, and upholding an open, inclusive and rules-based multilateral trading system.

Both countries also enjoy a warm friendship and growing economic links, he added. Bilateral trade in services quadrupled in the past decade and stood at $7.5 billion in 2022, while trade in goods was healthy at more than $4 billion.

Ottawa is Mr Gan’s second stop in North America, after his official visit to Washington, DC, in part to commemorate 20 years of the US-Singapore Free Trade Agreement.

During his stay, he will also engage other Canadian counterparts and the Canadian business community. THE BUSINESS TIMES