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Singapore, Australia to explore ‘new areas of cooperation’ such as supply chain resilience: PM Lee

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Singapore and Australia will explore “new strategic areas of cooperation” such as supply chain resilience, Prime Minister Lee Hsien Loong said in Canberra, after both countries signed a landmark Green Economy Agreement (GEA).


This greater cooperation includes strengthening the security and resilience of supply chains – including for food and energy – as well as both countries’ connectivity to the rest of the world, he said.


PM Lee said that both countries will look into facilitating the bilateral flow of critical goods in times of crisis, with a working group already formed for this. Both countries will begin work on a bilateral food pact “to support enhanced supply chain resilience and greater flows in trade and investments of Australian and Singapore food supply”, the prime ministers said in a joint statement issued after the press conference.


Asked if Singapore would pursue GEAs with other countries in the region, PM Lee said the hope is that the GEA will encourage countries to look at it and consider whether to do similar things – with Singapore or other countries – and thus enhance cooperation on green issues.


On the GEA, PM Albanese said: “My government has continually emphasised that climate change has environmental consequences but it needs economic solutions.” With climate change being “a global problem that requires a global solution”, trade and economic agreements such as the GEA are important as an example for the world, he added.


Source: The Business Times


For details of the Green Economy Agreement - the world's first agreement that combines trade, economic and environmental objectives - CLICK HERE