SINGAPORE: Singapore and Australia have "substantially concluded" negotiations on an economic resilience and essential supplies agreement, four of the countries' ministers said in a joint statement on Friday (Apr 17).The Protocol on Economic Resilience and Essential Supplies to the Singapore-Australia Free Trade Agreement follows a commitment by Prime Minister Anthony Albanese and Prime Minister Lawrence Wong on Apr 10 to support the flow of essential supplies between the two countries.The statement was issued by Singapore's Foreign Affairs Minister Vivian Balakrishnan, his Australian counterpart Penny Wong, Singapore's Manpower Minister and Minister-in-Charge of Energy and Science & Technology Tan See Leng and Australia's Minister for Trade and Tourism Don Farrell."The protocol reflects the priority we accord each other with respect to trade in essential supplies including petroleum oils, such as diesel, and liquefied natural gas," they added.Show MoreShow Less"It also demonstrates the complementarity and interdependence of our two economies."Under the protocol, the countries will aim to boost economic resilience through means such as managing and minimising supply chain disruptions and not adopting export prohibitions or restrictions on essential supplies between them, the ministers said.Singapore, Australia to step up efforts to safeguard oil, LNG tradeSingapore, Australia working towards legally binding protocol for essential suppliesMalaysia's Petronas to supply excess fuel to Australia as leaders vow closer energy tiesThe 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.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin here