-- Australia and Singapore have pledged to safeguard the flow of essential fuels under an agreement to stabilize regional energy markets, according to a joint statement issued on Friday.
The joint statement, issued by Prime Ministers Anthony Albanese and Lawrence Wong, addressed the acute energy crisis triggered by volatility in the Middle East and the tightening of global supply chains.
The 'Comprehensive Strategic Partnership 2.0' agreement solidifies a critical reciprocal trade relationship between the two nations.
Singapore currently serves as a primary source of refined petroleum products for Australia, while it remains a top-tier provider of liquefied natural gas to Singapore.
The pact ensures Australia's LNG exports and Singapore's refined petroleum products remain shielded from global disruptions through enhanced coordination and a legally binding trade protocol.
To operationalize this, ministers have been directed to conclude a legally binding Protocol to the Singapore-Australia free trade agreement, as per the statement.