New Zealand and Singapore have signed a new agreement to safeguard the flow of essential goods, including fuel and food, amid growing global supply chain risks.
The signing of the deal on trade in essential supplies in Singapore, witnessed by the two countries’ prime ministers, guarantees neither country will impose export restrictions on the other and formalises practical cooperation on supply chain resilience, said a New Zealand government statement.
New Zealand’s Trade and Investment Minister Todd McClay said the pact aims to reduce the risk of supply chain disruption.
Covering fuel, food, construction materials and other essentials, the pact will be incorporated into the existing New Zealand-Singapore free trade agreement, subject to domestic approval processes, the statement said. — Xinhua
