Singapore, New Zealand sign deal to protect essential supplies from export restrictions

In a significant move to bolster regional stability, New Zealand and Singapore have inked a groundbreaking agreement designed to safeguard the flow of essential supplies between the two nations during times of crisis. This pact ensures that neither country will resort to imposing export restrictions on a mutually agreed list of critical goods, a measure that could prove vital in navigating future global uncertainties.

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We will not shut each other out. This matters because in difficult times every country will be tempted to look inward and when that happens, supply chains break and everyone ends up worse off.

Singapore's Prime Minister Lawrence Wong hailed the agreement as the first of its kind, emphasizing its importance in preventing nations from turning inward during difficult periods. His remarks resonate deeply in a world increasingly grappling with the fragility of global supply chains, a reality starkly illustrated by recent events such as the conflict in Iran and disruptions to key shipping routes.

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the sky is the limit

New Zealand Prime Minister Christopher Luxon, speaking from Singapore, expressed immense optimism about the agreement's potential, suggesting the "sky is the limit." Both leaders indicated a willingness to welcome other regional nations into this burgeoning trade architecture. This collaborative spirit highlights a shared understanding that in an era of global instability, smaller nations like New Zealand and Singapore can amplify their influence and secure their interests by working together.

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Here, we have New Zealand and Singapore inventing new trade architecture and conceiving of new ways to build partnership and relationship.

This Agreement on Trade in Essential Supplies (AOTES) will be integrated into the existing free trade agreement between New Zealand and Singapore. It draws lessons from the COVID-19 pandemic, during which similar measures were crucial in maintaining the flow of vital goods and preventing the imposition of trade barriers. The initiative underscores a proactive approach to economic security and a commitment to building resilient partnerships in an unpredictable world.

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We have values and interest and while we may not have power, the way we (can) have power and influence is by working together in the way you have seen us increasingly do.