New Zealand, Singapore sign pact to safeguard fuel, food supplies

New Zealand and Singapore signed a new agreement on Monday 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 formalizes practical cooperation on supply chain resilience, said a New Zealand government statement.

"With a third of New Zealand's fuel refined in Singapore, this agreement turns trust into action, and right now, that's keeping fuel flowing to New Zealand when it matters most," New Zealand Prime Minister Christopher Luxon was quoted as saying.

New Zealand's Trade and Investment Minister Todd McClay said the pact aims to reduce the risk of supply chain disruption and builds on cooperation developed during the COVID-19 pandemic.

The pact, which covers fuel, food, construction materials and other essential supplies, will be incorporated into the existing New Zealand-Singapore free trade agreement, subject to domestic approval processes in both countries, the statement said.