S'pore & Australia substantially conclude negotiation on fuel & supply resilience protocol

Singapore and Australia have substantially concluded negotiations on a new protocol that formalises the joint statement released during a recent meeting between the two countries' leaders.

Committed to support flow of essential supplies

Prime Minister Lawrence Wong and his Australian counterpart Anthony Albanese met on Apr. 10 and released the Joint Statement on Economic Resilience and Essential Supplies, where both leaders committed to support the flow of essential supplies between the two countries.

On Apr. 17, four ministers from both countries announced that negotiations for the Protocol on Economic Resilience and Essential Supplies had been substantially concluded.

The protocol “reflects the priority both countries accord each other with respect to trade in essential supplies, including petroleum oils, such as diesel, and liquefied natural gas”.

It enhances cooperation on economic resilience by various means, such as seeking to manage and minimise supply chain disruptions, as well as by “endeavouring not to adopt export prohibitions or restrictions on essential supplies between us”.

On Apr. 10, PM Wong and Albanese also spoke about the Australia-Singapore Economic Resilience Dialogue, which is formalised by the new protocol and will serve as the mechanism for cooperation on economic resilience and trade in essential supplies:

“The protocol is guided by the principles of an open, rules-based, multilateral trading system, with the World Trade Organization at its core.”

Friends always matter

The protocol was brought into effect by the foreign ministers of both countries, Singapore’s Vivian Balakrishnan and Australia’s Penny Wong, as well as Singapore’s Minister for Trade and Industry and Minister-in-charge of Energy and Science & Technology, Tan See Leng, and Australia's Minister for Trade and Tourism, Don Farrell.

Speaking to the press after the protocol’s release, Vivian said Singapore and Australia have a “great relationship,” that “goes beyond friendship” and were “truly comprehensive strategic partners”.

He said both countries had stood together during the Covid-19 pandemic, and during the current fuel supply crisis caused by the closure of the Strait of Hormuz, that has led to "complementarity and mutual interdependence".

Wong added that “friends always matter, and never more so than in difficult times”.

She said the agreement worked together to ensure energy security by “not going it alone”: “That is what this agreement represents – reliable, trusted partners working together to secure fuel and essential supplies for our people.”

The protocol will enter into force after both countries complete their respective domestic processes to allow it to come into law.

Top image via Ministry of Foreign Affairs