SINGAPORE, July 17 — The Agreement on Trade in Essential Supplies between Singapore and New Zealand entered into force today, marking the world's first legally binding bilateral supply chain resilience agreement.
Singapore’s Trade and Industry Ministry said that under the agreement signed on May 4 at the Singapore-New Zealand Annual Leaders’ Meeting, both countries commit not to impose unnecessary export restrictions on agreed essential supplies, including food, fuel, healthcare, and chemical and construction products.
“The agreement also establishes a framework for both countries to facilitate the movement of goods, share information, and engage in consultations before or during supply chain disruptions.
“This will provide businesses and consumers on both sides with greater confidence should supply chain disruptions occur,” it said in a statement.
The agreement, which reflects both countries’ longstanding commitment to uphold free and unimpeded trade, will be incorporated into the Agreement between New Zealand and Singapore on a Closer Economic Partnership, the bilateral free trade agreement between both countries.
Deputy Prime Minister cum Trade and Industry Minister Gan Kim Yong said the agreement's entry into force marked a significant milestone in Singapore-New Zealand economic relations.
"It reflects our shared desire to push boundaries, learn from past crises, and prepare ahead.
"We will continue to work with like-minded partners to build a more resilient and open trading environment, one that gives our businesses and people the confidence to navigate an increasingly uncertain world,” he said.
