Singapore, Australia sign protocol for trade of essential supplies

“Now, at a time like this – heightened  geopolitical uncertainty, increasing pressures on global supply chains – this signing of the protocol reflects the deep reservoir of strategic trust between both our countries and our shared commitment to keeping trade open, reliable and resilient.”

Under the protocol, both countries “commit to endeavour not to adopt or maintain export restrictions on agreed essential items”, including petroleum oils such as diesel and liquefied natural gas.

It also establishes procedures for advance notification and consultation, as well as the review and withdrawal of measures, said MTI.

In addition, it will establish the Australia-Singapore Economic Resilience Dialogue to “facilitate cooperation on economic resilience and trade in essential supplies”. 

The protocol was signed by Dr Tan and Australia’s Minister for Trade and Tourism Don Farrell at the 15th Singapore-Australia Joint Ministerial Committee meeting in Adelaide, Australia.

It was announced earlier in April by Prime Minister Lawrence Wong and his Australian counterpart Anthony Albanese on the latter’s official visit to Singapore, as both countries sought to strengthen supply chain resilience amid uncertainty in global energy markets.

Later in the month, both countries said they had “substantially concluded” negotiations on the protocol.

“I think our people in both Singapore and Australia can take some comfort and assurance from the fact that our two governments are working so closely and so effectively together,” Foreign Affairs Minister Vivian Balakrishnan had said then.