SINGAPORE, April 18 — Singapore and Australia have substantially concluded negotiations on a new protocol under the Singapore–Australia Free Trade Agreement (SAFTA) to secure the flow of essential supplies, including fuel, and to strengthen supply chain resilience.
In a statement, the Foreign Affairs Ministry (MFA) said the Protocol on Economic Resilience and Essential Supplies delivers on a joint commitment made by Prime Minister Lawrence Wong and Australian Prime Minister Anthony Albanese on April 10.
“The protocol reflects the priority we accord each other with respect to trade in essential supplies, including petroleum oils such as diesel, and liquefied natural gas (LNG).
“It also demonstrates the complementarity and interdependence of our two economies,” it said yesterday.
The ministry said the agreement enhances cooperation on economic resilience, including efforts to manage and minimise supply chain disruptions, and to avoid export prohibitions or restrictions on essential supplies between the two countries.
It added that the protocol will enter into force once both Singapore and Australia complete their domestic processes.
In joint remarks on the conclusion of the negotiations, Singapore Foreign Minister Dr Vivian Balakrishnan noted that the resolution of the protocol was an affirmation of the truly special relationship with Australia.
“Now in this current crisis of supply chains and particularly for essential supplies like LNG for us and diesel for Australia, again, we have found complementarity and mutual interdependence,” he said.
Meanwhile, Australia's Foreign Minister, Penny Wong said the agreement assured the free flow of essential supplies and fuel, and serves as a reminder that friends matter in difficult times.
“That is what this agreement represents – reliable, trusted partners working together to secure fuel and essential supplies for our people,” she said. — Bernama
