Companies participating in the Singapore Packaging Agreement (SPA) have reaped savings of 8.34 million Singapore dollars (about 6.5 million U.S. dollars) in production costs, Singapore's National Environment Agency said on Monday.

To date, 121 companies have inked their commitment to reduce packaging waste, an increase from just 32 signatories in 2007 when the agreement was launched.

The participating companies have also cumulatively reduced 4, 520 tons of packaging waste.

This was achieved through various initiatives, such as reducing the size and thickness of materials used for logistical processes and product packaging.

In addition, by preventing the generation of waste, the companies also enjoyed cost savings from the collection, transportation and treatment processes avoided.

For their efforts to reduce waste at source, 19 outstanding signatories are also honored this year with the annual 3R (Reduce, Reuse and Recycle) Packaging Awards.

In conjunction with the awards, the Packaging Council of Singapore and National Environment Agency have also organized the inaugural Asia Sustainable Packaging Summit. The two-day summit which kicked off on Monday aims to promote sustainable packaging and involve key players in the industry.