Australia and Singapore will “make maximum efforts” to meet each nation’s energy needs and expand free trade agreements as the Iran war continues to rattle global supply chains, Anthony Albanese has revealed.
The Prime Minister toured the Southeast Asian island nation on Friday alongside Singaporean Prime Minister Lawrence Wong.
Mr Albanese is seeking to deepen ties with Singapore, which is not only one of Australia’s biggest suppliers of refined petroleum, but also one of the biggest recipients of Australian LNG.
In a joint statement, the Prime Ministers said they recognised the “importance of the role of our countries in each other’s energy security”.
“Building on our Joint Statement on Energy Security on March 23, we stated our determination to make maximum efforts to meet each other’s energy security needs in the context of the acute energy crisis currently affecting global markets,” the statement reads.
We reaffirmed our commitment to support the flow of essential goods including petroleum oils, such as diesel, and LNG and agreed to intensify co-operation to facilitate the timely movement of goods and essential supplies through enhanced co-ordination, efficient border and port processes, transparency, and early consultation.”
The statement also noted ministers in Singapore and Canberra had been directed to conclude a “legally binding Protocol to the Singapore-Australia Free Trade Agreement (SAFTA) on Economic Resilience and Essential Supplies consistent with this Joint Statement”.
The Singapore-Australia Free Trade Agreement was first signed in 2003, and has been updated repeatedly, most recently in 2020.
The statement also noted the Australia-Singapore Comprehensive Strategic Partnership 2.0 (CSP 2.0), an enhanced version of which, the leaders said, would set out the “ambitious next phase of co-operation” between the two countries.
The visit comes at a precarious time for Asia and its large economies, including Singapore, which are reliant on the Strait of Hormuz.
The sea thoroughfare was only briefly opened earlier this week before a ceasefire struck between Iran, the United States, and Israel broke down after Israel attacked Lebanon with more than 100 air strikes only hours after the deal.
Israel contends its northern neighbour is not subject to the ceasefire.
In their joint statement, the two leaders reaffirmed support for the current ceasefire and encouraged negotiations in the Middle East.
“We reaffirmed our commitment to working together, particularly during crises, to support a resilient, rules-based multilateral trading system that underpins stability during periods of global disruption,” it stated.