Both governments committed not to impose unnecessary export restrictions on crucial goods such as food, fuel and healthcare products
The Agreement on Trade in Essential Supplies was signed by Singapore’s Minister-in-charge of Energy, Science and Technology Tan See Leng and New Zealand’s Minister for Trade and Investment Todd McClay at the Singapore-New Zealand Annual Leaders’ Meeting in Singapore, witnessed by the prime ministers of both countries.
Both governments committed not to impose unnecessary export restrictions on the agreed essential goods, the Ministry of Trade and Industry (MTI) said.
The agreement will take effect after domestic procedures on both sides are completed, and be incorporated into the existing free trade agreement between the two countries.
It also establishes a framework for both countries to facilitate the movement of goods, share information and consult each other before or during supply chain disruptions, providing businesses and consumers with greater confidence and stability, according to MTI.
Source: News - South China Morning Post
