Asunción, Agencia IP.- In a significant move to attract investments, the Minister of Industry and Commerce, Javier Giménez, engaged in a high-level meeting with Senior Minister and Coordinating Minister for National Security, Member of Parliament for Pasir Ris-PG, Teo Chee Hean, and Arun Vignesh from the National Climate Change Secretariat of Singapore. This meeting, a key part of his Asian tour, was aimed at fostering the crucial cooperation in carbon credits between Paraguay and Singapore.

Both authorities discussed the implementation agreement between Paraguay and Singapore on cooperation in carbon credits, whose negotiations were substantially concluded at COP-28 in Dubai last year, following a meeting with the President of the Republic, Santiago Peña, in coordination with the Ministry of Foreign Affairs and the Ministry of Environment and Sustainable Development (MADES).

This document is expected to be signed in the coming days. This agreement will allow the bilateral transfer of carbon credits, which is aligned with the Paris Agreement.

The agreement, a pioneering step for both Paraguay and Singapore, establishes a collaborative work program to operationalize the implementation agreement. This program includes the exchange of information and best practices, identification of potential projects, and mutual efforts to develop cooperation capacities as stipulated in the document. It marks the first of its kind for Paraguay and the first for Singapore, underscoring the innovative approach of both nations in the realm of carbon credits.

Under this agreement, companies in Singapore stand to benefit significantly. They will have the opportunity to purchase carbon credits from projects in Paraguay, which can be used to cover a percentage of their carbon tax obligations. This flexibility allows them to apply the credits to their voluntary targets, thereby contributing to their sustainability goals.

Seeking new markets in Asia

This tour of the Asian continent by the Minister of Industry and Commerce, Javier Giménez, aims to open new markets, including the Association of Southeast Asian Nations (ASEAN), composed of Indonesia, the Philippines, Malaysia, Singapore, Thailand, Vietnam, Brunei Darussalam, Cambodia, Laos, and Myanmar.

Therefore, Minister Giménez’s presence in Singapore is part of the tour that began with the Head of State, Santiago Peña, in the United States, Taiwan, and Vietnam. The latter country marked an unprecedented meeting with the official visit to encourage trade exchange with Vietnam, aiming to open the doors to one of the world’s most populous markets, Southeast Asia.

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