SINGAPORE: Singapore and New Zealand have made a “first of its kind” agreement to trade essential goods even in times of crisis, as both nations elevate their ties to a Comprehensive Strategic Partnership (CSP), said Prime Minister Lawrence Wong on Friday (Oct 10).
Mr Wong was speaking at a joint press conference with New Zealand Prime Minister Christopher Luxon in Auckland after both leaders inked the CSP in a three-day official visit.
“Under the CSP, we will pursue even more ambitious and innovative projects together,” said Mr Wong.
A CSP is an agreement that signals an upgrade in bilateral relations to the highest level, to deepen areas of cooperation, as well as embark on new areas.
The Ministry of Foreign Affairs announced the CSP with New Zealand in mid-September as part of Singapore’s efforts to build on existing partnerships amid increasing global uncertainty.
On Wednesday, Mr Wong had also signed another CSP with Australian Prime Minister Anthony Albanese in his first official visit there as prime minister.
Mr Wong is also visiting New Zealand for the first time as prime minister, as Singapore marks 60 years of diplomatic relations with the country.
Singapore’s Agreement on a Closer Economic Partnership with New Zealand was its first bilateral free trade agreement, said Mr Wong. This year marks the 25th anniversary of the agreement.
“As small, open states with shared strategic perspectives, our two countries share a very close friendship built on a deep reservoir of trust and we have journeyed side by side through many milestones,” he said.
“Both Prime Minister Luxon and I agreed to build on these achievements and elevate our relations to a Comprehensive Strategic Partnership or a CSP that is ‘forged in history’ and ‘fit for the future’.”
Among the agreements is a legally binding deal to trade essential supplies during times of crisis, said Mr Wong.
“It's the first of its kind, and it builds on the experiences we had during COVID,” he added.
He said that during the COVID-19 pandemic, both countries faced disruptions to essential supplies, and there was an initiative called the The Singapore/New Zealand Air Freight Project that ensured cargo planes continued transporting essential supplies between both counties.
“Building on that experience, we have now reached an agreement on a legally binding agreement… to ensure that going forward, essential supplies will continue flowing,” said Mr Wong.
This means both governments will commit not to impose export restrictions even during times of crisis on some key products like medicine and essential supplies.
“I think that's an agreement that will give assurance to both our countries and to both our peoples that in times of need, we will always be there for one another,” he said.
Singapore's Ministry of Trade and Industry (MTI) said in a separate statement on Friday that the deal, known as the Agreement on Trade in Essential Supplies (AOTES), is the country's first legally binding bilateral supply chain resilience agreement.
"This agreement will provide reassurance that both sides can continue to receive essential supplies during supply chain disruptions, and help to manage market distortions, give companies greater confidence and provide consumers with greater price stability and certainty," said the ministry.
The CSP will also strengthen economic collaboration between the two nations, said Mr Wong.
There will be more investment and capital markets collaboration that will enable New Zealand companies to use Singapore as a “springboard” to Southeast Asia, and for companies in the region to access opportunities here in New Zealand, said Mr Wong.
A new plurilateral green economy partnership is also being discussed to “push the frontiers to integrate trade and climate action”, he said.
A New Zealand-Singapore Leadership Forum will also be held next year to enhance economic, policy and business linkages between the nations.
Security cooperation will also be broadened. Mr Wong expressed his appreciation for New Zealand’s “longstanding support” for the Singapore Armed Forces’ training.
He said that Singapore will continue to facilitate the New Zealand Defence Force’s access in and through Singapore, including by hosting its assets for maintenance.
New areas of cooperation, such as unmanned technologies, are also being explored, he added.
Both nations will also have an annual leader’s meeting to continue guiding collaboration.
“Together, we will work together not just for bilateral win-win projects, but also to support our wider region,” he said.
The Ministry of Foreign Affairs said in a statement that a detailed plan of action will guide the implementation of the CSP over the next decade, with officials conducting periodic reviews to “track progress and uphold the strategic vision of our partnership”.
MTI, in a separate statement, also gave further details of the economic initiatives under the CSP, including one between Enterprise Singapore and the New Zealand Trade and Enterprise.
Under a refreshed Memorandum of Understanding, both nations will deepen collaboration and promote business ties in areas such as trade and connectivity, and technology and innovation.
Continue reading...
Mr Wong was speaking at a joint press conference with New Zealand Prime Minister Christopher Luxon in Auckland after both leaders inked the CSP in a three-day official visit.
“Under the CSP, we will pursue even more ambitious and innovative projects together,” said Mr Wong.
A CSP is an agreement that signals an upgrade in bilateral relations to the highest level, to deepen areas of cooperation, as well as embark on new areas.
The Ministry of Foreign Affairs announced the CSP with New Zealand in mid-September as part of Singapore’s efforts to build on existing partnerships amid increasing global uncertainty.
On Wednesday, Mr Wong had also signed another CSP with Australian Prime Minister Anthony Albanese in his first official visit there as prime minister.
Mr Wong is also visiting New Zealand for the first time as prime minister, as Singapore marks 60 years of diplomatic relations with the country.
Singapore’s Agreement on a Closer Economic Partnership with New Zealand was its first bilateral free trade agreement, said Mr Wong. This year marks the 25th anniversary of the agreement.
“As small, open states with shared strategic perspectives, our two countries share a very close friendship built on a deep reservoir of trust and we have journeyed side by side through many milestones,” he said.
“Both Prime Minister Luxon and I agreed to build on these achievements and elevate our relations to a Comprehensive Strategic Partnership or a CSP that is ‘forged in history’ and ‘fit for the future’.”
Related:
FIRST OF ITS KIND AGREEMENT TO TRADE ESSENTIAL SUPPLIES
Among the agreements is a legally binding deal to trade essential supplies during times of crisis, said Mr Wong.
“It's the first of its kind, and it builds on the experiences we had during COVID,” he added.
He said that during the COVID-19 pandemic, both countries faced disruptions to essential supplies, and there was an initiative called the The Singapore/New Zealand Air Freight Project that ensured cargo planes continued transporting essential supplies between both counties.
“Building on that experience, we have now reached an agreement on a legally binding agreement… to ensure that going forward, essential supplies will continue flowing,” said Mr Wong.
This means both governments will commit not to impose export restrictions even during times of crisis on some key products like medicine and essential supplies.
“I think that's an agreement that will give assurance to both our countries and to both our peoples that in times of need, we will always be there for one another,” he said.
Singapore's Ministry of Trade and Industry (MTI) said in a separate statement on Friday that the deal, known as the Agreement on Trade in Essential Supplies (AOTES), is the country's first legally binding bilateral supply chain resilience agreement.
"This agreement will provide reassurance that both sides can continue to receive essential supplies during supply chain disruptions, and help to manage market distortions, give companies greater confidence and provide consumers with greater price stability and certainty," said the ministry.
STRONGER ECONOMIC COLLABORATION, SECURITY COOPERATION
The CSP will also strengthen economic collaboration between the two nations, said Mr Wong.
There will be more investment and capital markets collaboration that will enable New Zealand companies to use Singapore as a “springboard” to Southeast Asia, and for companies in the region to access opportunities here in New Zealand, said Mr Wong.
A new plurilateral green economy partnership is also being discussed to “push the frontiers to integrate trade and climate action”, he said.
A New Zealand-Singapore Leadership Forum will also be held next year to enhance economic, policy and business linkages between the nations.
Security cooperation will also be broadened. Mr Wong expressed his appreciation for New Zealand’s “longstanding support” for the Singapore Armed Forces’ training.
He said that Singapore will continue to facilitate the New Zealand Defence Force’s access in and through Singapore, including by hosting its assets for maintenance.
New areas of cooperation, such as unmanned technologies, are also being explored, he added.
Both nations will also have an annual leader’s meeting to continue guiding collaboration.
“Together, we will work together not just for bilateral win-win projects, but also to support our wider region,” he said.
The Ministry of Foreign Affairs said in a statement that a detailed plan of action will guide the implementation of the CSP over the next decade, with officials conducting periodic reviews to “track progress and uphold the strategic vision of our partnership”.
MTI, in a separate statement, also gave further details of the economic initiatives under the CSP, including one between Enterprise Singapore and the New Zealand Trade and Enterprise.
Under a refreshed Memorandum of Understanding, both nations will deepen collaboration and promote business ties in areas such as trade and connectivity, and technology and innovation.
Continue reading...