Singapore, New Zealand ink trade pact to secure essential supplies

Singapore and New Zealand on Monday signed an Agreement on Trade in Essential Supplies (AOTES), aiming to strengthen cooperation amid disruptions to global energy markets caused by the ongoing Middle East conflict, News.Az reports, citing Anadolu Agency.

The agreement was signed during a meeting in Singapore between Prime Minister Lawrence Wong and New Zealand Prime Minister Christopher Luxon, according to an official statement.

The new framework ensures that neither country will impose export restrictions on the other and establishes closer cooperation to improve supply chain resilience. It also protects the movement of essential goods such as fuel and food.

“The past few months have shown we live in a volatile world — Kiwis are seeing that every time they fill up their car. That is why we are hustling in the world to protect New Zealand and build our resilience in uncertain times,” Luxon said.

He added that the agreement “is a demonstration of New Zealand and Singapore working together as trusted partners. In times of crisis, we know we can rely on each other.”

The development comes as the US-Israeli conflict with Iran has disrupted energy flows from the Middle East to several Asian economies.

Singapore Prime Minister Lawrence Wong said the partnership with New Zealand “stands out because of our shared strategic perspectives as small, open economies and the deep trust we have built.”

“We are prepared to pioneer new approaches together and stand by each other, especially when it matters the most. We’ve done that today, with AOTES — a first-of-its-kind arrangement to safeguard the flow of essential goods during disruptions,” Wong said in a statement posted on the social media platform X.

Singapore and New Zealand established diplomatic relations in 1965, upgraded ties to an “Enhanced Partnership” in 2019, and saw bilateral trade reach approximately $6.5 billion last year.

News.Az 

By Nijat Babayev