.jpg)
1 hour ago
3
Article content
(Bloomberg) — Singapore and New Zealand signed a deal Monday to strengthen supply chain resilience and safeguard the flow of critical goods such as food and energy, as both countries seek to shield their trade-dependent economies against disruptions from the war in Iran.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The agreement, described by Singapore Prime Minister Lawrence Wong as the first of its kind, was announced during his New Zealand counterpart Christopher Luxon’s visit to the city-state, and includes a pact to keep essential supplies moving during crises. The two sides also pledged to strengthen cooperation in critical areas like healthcare and food supply.
Article content
Article content
Article content
“Even in times of crisis or shortages, we will keep essential goods flowing — food, fuel and other critical supplies,” Wong said during a joint press conference. “We will not shut each other out.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The moves come as countries across Asia and beyond step up coordination to mitigate the impact of supply disruptions reverberating from the closure of the Strait of Hormuz, which has strained energy shipping routes and driven up costs globally. Singapore earlier this month made similar commitments on fuel supplies with Australia, while seeking new sources of natural gas beyond the Middle East.
Article content
About a third of New Zealand’s fuel is refined in Singapore, Luxon said during the press conference. “So what happens here has a direct bearing on New Zealand’s economic resilience and energy security,” he said.
Article content
Wong said it’s possible the energy supplies through the Strait of Hormuz remain limited until at least the end of year.
Article content
Beyond supply chains, Singapore and New Zealand previously outlined plans to deepen economic ties under a comprehensive strategic partnership signed in October, which includes exploring a green economy partnership linking trade and climate goals and expanding investment and capital markets cooperation.
Article content
The two sides have also pledged to broaden defense cooperation, including in emerging areas such as unmanned technologies.
Article content
Article content
—With assistance from Ainsley Thomson and Tracy Withers.
Article content
English (US)