- Introduction
As I reflect on my first year in Singapore, having moved from the United Kingdom in 2023, I am struck by the stark contrasts and intriguing similarities between these two vibrant nations. While both Singapore and the UK share a commitment to progress and innovation, their approaches to sustainability diverge in fascinating ways. Let’s delve into the sustainability landscape of these two countries and explore how they are shaping a greener future.
- Economic and Trade Commitments
Trade and Investment: Singapore and the UK are like-minded partners when it comes to trade liberalization and investment. The UK-Singapore Free Trade Agreement (FTA) solidifies their commitment to global rules-based trading systems. Both nations actively support the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), emphasizing free and fair trade.
Intellectual Property (IP) Collaboration: In 2019, Singapore and the UK pledged to deepen collaboration on IP issues, including artificial intelligence and transformative technologies. Their goal is to develop sustainable solutions fit for the future.
Digital Innovation: Singapore and the UK are thriving innovation ecosystems. They collaborate on digital trade, international standards, and cybersecurity. The upcoming UK-Singapore Digital Economy Agreement (DEA) aims to boost digital collaboration even further.
- Climate and Sustainability
Global Cooperation: Both countries actively support sustainable development and natural resource management. They are committed to global climate action under the United Nations Framework Convention on Climate Change (UNFCCC) and the effective implementation of the Paris Agreement.
Green Economy Pact: In March 2023, Singapore and the UK signed a bilateral Green Economy Framework, bolstering energy and climate collaboration. This pact emphasizes sustainable energy, transport, and finance.
- Key Differences
Healthcare Spending: While Singapore spends 4.1% of its GDP on healthcare, the UK allocates 10.2% of its GDP to healthcare. This disparity reflects different healthcare systems and priorities.
Education Investment: The UK invests more in education, allocating 5.2% of its GDP, compared to Singapore’s 2.5%. Education remains a cornerstone for both nations’ future prosperity.
Labor Force Participation: The UK has a higher labor force participation rate (78.8%) than Singapore (67.7%). These figures highlight distinct workforce dynamics.
Conclusion
As I celebrate my first year in Singapore, I appreciate the strides both countries are making toward sustainability. Whether it’s trade agreements, IP collaboration, or climate action, Singapore and the UK are shaping a cleaner, more resilient world. Here’s to many more years of progress and partnership.
- #RoohiBali (Co-Founder, SCORR Ltd)
