Photo : YONHAP News
South Korea and Singapore signed a supply chain partnership arrangement aimed at enhancing bilateral cooperation in the supply chains of strategic goods in bio and energy industries.
President Yoon Suk Yeol, who is on a state visit to Singapore, announced the arrangement on Tuesday following summit talks with Singapore’s Prime Minister Lawrence Wong.
At a joint press conference, the South Korean leader said he and Wong have agreed to further strengthen cooperation in supply chains and energy against growing uncertainties in the global economy.
The latest deal is an upgraded version of a supply chain agreement of the 14-member U.S.-initiated Indo-Pacific Economic Framework(IPEF).
Under the two-way deal, Seoul and Singapore are expected to share their supply chain crisis response systems, promptly notify each other upon detection of a supply chain disruption and to jointly respond.
Yoon said they also agreed to closely coordinate efforts toward the international community’s issuance of a clear and unified message that it will not tolerate North Korea’s illegal nuclear development program and provocations.
The leaders decided to further bolster their strategic coordination under an agreement to elevate their ties to a strategic partnership next year on the occasion of the 50th anniversary of the two sides’ forging of diplomatic relations.