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The protocol also formalises the Australia-Singapore Economic Resilience Dialogue recognised by the countries\u2019 prime ministers in their Apr 10 announcement.<\/p>\n
“The dialogue will serve as the mechanism for cooperation on economic resilience and trade in essential supplies,” the ministers said.<\/p>\n
“The protocol is guided by the principles of an open, rules-based multilateral trading system, with the World Trade Organization at its core,” they added.<\/p>\n
“The protocol will enter into force when both Singapore and Australia have completed their domestic processes.”<\/p>\n
The ministers each welcomed the protocol.<\/p>\n
“The resolution of this protocol, and that the negotiations are completed, is an affirmation of the truly special relationship that we have with Australia,” said Dr Balakrishnan.<\/p>\n
“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.”<\/p>\n
Ms Wong said that the protocol represents “reliable, trusted partners working together to secure fuel and essential supplies” for their people.<\/p>\n<\/div>\n