Singapore, Oct 8
South Korean President Yoon Suk Yeol and Singaporean Prime Minister Lawrence Wong held summit talks on Tuesday and agreed to strengthen cooperation in various sectors across supply chains, energy, bio and advanced technology.
Yoon and Wong discussed enhancing the resilience of critical sectors based on a supply chain partnership arrangement signed between the two countries on the sidelines of the summit during Yoon's three-day state visit to Singapore, Yonhap news agency reported.
It marks the first supply chain deal between the two nations, following a multilateral agreement signed by the 14 members of the Indo-Pacific Economic Framework, an economic initiative launched by the United States in May 2022.
"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 agreement includes specific action plans to boost resilience in key sectors, outlining a crisis response network that will facilitate emergency meetings between the two governments within five days of detecting supply chain disruptions.
In the energy sector, the two countries 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.