The protocol also formalises the Australia-Singapore Economic Resilience Dialogue recognised by the countries’ prime ministers in their Apr 10 announcement.
“The dialogue will serve as the mechanism for cooperation on economic resilience and trade in essential supplies,” the ministers said.
“The protocol is guided by the principles of an open, rules-based multilateral trading system, with the World Trade Organization at its core,” they added.
“The protocol will enter into force when both Singapore and Australia have completed their domestic processes.”
The ministers each welcomed the protocol.
“The resolution of this protocol, and that the negotiations are completed, is an affirmation of the truly special relationship that we have with Australia,” said Dr Balakrishnan.
“I think our people in both Singapore and Australia can take some comfort and assurance from the fact that our two governments are working so closely and so effectively together.”
Ms Wong said that the protocol represents “reliable, trusted partners working together to secure fuel and essential supplies” for their people.