PIONEERING NEW TRADE ARCHITECTURE
Mr Luxon pointed to a newly signed supply chain resilience pact between New Zealand and Singapore as an example of how such cooperation can take shape.
The agreement – the world’s first legally binding bilateral deal to ensure the flow of essential supplies during crises – was inked in Singapore on Monday.
“In the event of a crisis, New Zealand will provide Singapore with food, and Singapore will provide New Zealand with fuel,” said Mr Luxon, who witnessed the signing alongside Singapore Prime Minister Lawrence Wong.
New Zealand currently receives about 30 per cent of its fuel through Singapore’s refineries, while Singapore relies heavily on food imports.
“This is a good way in which two complementary economies can support each other and have each other’s back in times of crises,” Mr Luxon noted.
“This is an example of where Singapore and New Zealand pioneer and develop new trade architecture together. We could model out and remake the case for multilateralism.”
