South Korea, Singapore ink 1st-ever supply chain partnership deal

By Anadolu staff

ANKARA(AA) - South Korea and Singapore on Tuesday inked a supply chain partnership deal, aside from agreeing to strengthen cooperation in energy, bio and advanced technology.

The agreement, which marks the first supply chain deal between the two countries, was reached during a summit between President Yoon Suk Yeol and Singaporean Prime Minister Lawrence Wong held in Singapore, according to the Seoul-based Yonhap News.

On Monday evening, Yoon arrived in Singapore on a three-day state visit on the second leg of his three-nation Southeast Asia trip.

The two leaders discussed enhancing the resilience of critical sectors based on a supply chain partnership agreement signed between the two countries on the sidelines of the summit.

"I and Prime Minister Wong have agreed to further strengthen cooperation in the supply chains of strategic goods and energy to deal with the growing uncertainties in the global economy," Yoon said in a joint press conference.

The deal followed a multilateral agreement signed by the 14 members of the Indo-Pacific Economic Framework, an economic initiative launched by the US in May 2022.

The two countries also signed a memorandum of understanding (MOU) on liquefied natural gas (LNG) cooperation, covering areas such as LNG swaps, joint purchases and information sharing.

"The MOU on LNG cooperation between South Korea, the world's third-largest LNG importer, and Singapore, a global LNG trading hub, will contribute to the stability of the global energy supply chain," Yoon said.

The two countries also inked an extradition treaty for the arrest and extradition of fugitives between the two sides.

Regional security issues were also discussed during the summit, and the two sides agreed to present a “united front” against North Korea's “threats” at the upcoming Association of Southeast Asian Nations (ASEAN) summit in Laos later this week.

"We share the view that the international community will never tolerate North Korea's illegal nuclear development and reckless provocations," Yoon said.

"We have also agreed to closely coordinate to ensure that the international community sends a clear and united message to North Korea at the ASEAN Summit," he added.

Lawrence, for his part, said that Singapore and South Korea are deepening and widening their relationship in areas from start-ups to food safety, according to the Singapore-based daily The Straits Times.

The two sides will work toward upgrading ties to a strategic partnership in 2025, he added.