Asia Pacific Economy News

Small economies seal world's first essential-supplies pact to keep trade flowing

Singapore and New Zealand signed the world's first bilateral Agreement on Trade in Essential Supplies, pledging not to restrict trade in essentials (food, fuel, chemicals, construction, healthcare) and to keep air and sea routes open to sustain energy and goods flows amid Middle East tensions; the leaders urged others to adopt similar safeguards to bolster global supply chains, noting NZ's reliance on Singapore for around a third of its fuel imports.