Singapore and New Zealand on Monday signed the world’s first legally binding bilateral agreement to keep essential supplies – including food, fuel, healthcare products and chemical and construction materials – flowing even during crises.
The Agreement on Trade in Essential Supplies was signed by Singapore’s Minister-in-charge of Energy, Science and Technology Tan See Leng and New Zealand’s Minister for Trade and Investment Todd McClay at the Singapore-New Zealand Annual Leaders’ Meeting in Singapore, witnessed by the prime ministers of both countries.
Both governments committed not to impose unnecessary export restrictions on the agreed essential goods, the Ministry of Trade and Industry (MTI) said.
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The agreement will take effect after domestic procedures on both sides are completed, and be incorporated into the existing free trade agreement between the two countries.
It also establishes a framework for both countries to facilitate the movement of goods, share information and consult each other before or during supply chain disruptions, providing businesses and consumers with greater confidence and stability, according to MTI.
Speaking at a joint press conference, Singapore Prime Minister Lawrence Wong said the pact sent a clear signal that trusted partners would keep faith with each other even under strain.
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