Australia and Singapore on Monday agreed to strengthen cooperation on energy security, critical supply chains and trade by signing a new protocol under their free trade agreement.
The Protocol on Economic Resilience and Essential Supplies under the Singapore-Australia Free Trade Agreement establishes a dedicated mechanism to advance practical cooperation on shared challenges, according to a statement from Australian Foreign Minister Penny Wong.
The protocol was signed at the Singapore-Australia Joint Ministerial Committee meeting in Adelaide by Australian Defense Minister Richard Marles, Foreign Minister Penny Wong and Trade and Tourism Minister Don Farrell, together with Singaporean Defense Minister Chan Chun Sing, Foreign Minister Vivian Balakrishnan, and Tan See Len, the minister-in-charge of energy and science and technology in the Trade and Industry Ministry.
The two sides also agreed to further strengthen defense ties and witnessed the signing of the Australia-Singapore Industrial Base Resiliency Arrangement.
"At a time of increasing global uncertainty, the Protocol will help ensure Australia and Singapore can respond together to disruptions and maintain access to the supplies our economies depend on," Wong said.
In April, Australian Prime Minister Anthony Albanese and his Singaporean counterpart Lawrence Wong agreed to strengthen the security of essential supplies, including petrol, and keep trade flowing during periods of disruption.
