Source: Radio New Zealand
Christopher Luxon during the signing ceremony at a bilateral meeting with Singapore PM Lawrence Wong in Singapore. Supplied / PMO
New Zealand and Singapore have inked a deal to ensure the trade of essential goods like fuel and food continue in times of crisis.
It guarantees neither country will impose export restrictions on the other and formalises supply chain resilience cooperation.
Prime Minister Christopher Luxon and his Singaporean counterpart Lawrence Wong shook hands on the agreement in October, and Trade Minister Todd McClay signed it in Singapore on Monday.
Luxon, who witnessed the signing with Wong, said it had already proven its worth and shown the two countries can rely on each other in crisis.
“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,” he said.
“With a third of New Zealand’s fuel refined in Singapore, this Agreement turns trust into action – and right now, that’s keeping fuel flowing to New Zealand when it matters most.”
The agreement leveraged New Zealand’s “special skill” as the “best food producer in the world”, he said.
The list of goods exempt from export restrictions include fuel, food, and construction materials.
The deal will be incorporated into the existing New Zealand-Singapore Free Trade Agreement, following domestic approval processes in both countries.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand