Singapore and Vietnam ink deal to support rice trade on the sidelines of Apec meet in South Korea

(Photo credit: ST Photo/Chong Jun Liang)

Source: The Straits Times

Singapore has inked an agreement with Vietnam to support the flow of rice to the island state.

It was signed by Minister for Sustainability and the Environment Grace Fu and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien on the sidelines of the Asia-Pacific Economic Cooperation (Apec) leaders’ meeting in Gyeongju, South Korea, on Oct 30.

The agreement gives assurance that should Singapore need to request to purchase rice from Vietnam during periods of supply disruption, Vietnam would facilitate and not disallow the export, said a spokesperson from the Ministry of Sustainability and the Environment.

It lays a “solid foundation” for promoting stable and sustainable rice trade, contributing to strengthening bilateral food security, including avoiding unnecessary trade restrictions, both ministries said in a joint statement.

Ms Fu, who is also Minister-in-Charge of Trade Relations, said this is Singapore’s first such agreement with a trading partner, and Singapore is happy to have it with Vietnam, which is one of the island state’s largest source countries for rice.

She said: “As a country that imports over 90 per cent of our food, Singapore is not spared from global food supply disruptions.

“Securing global and regional partnerships is essential for ensuring a stable supply of rice for Singapore.”

Mr Dien said Singapore is one of Vietnam’s leading economic partners and an important market.

He added that the agreement marks a concrete step in implementing the Comprehensive Strategic Partnership (CSP) between the two countries and contributes to strengthening connectivity between the two economies.

Singapore and Vietnam had, in March, agreed to upgrade their relationship to a CSP to deepen cooperation in areas like defence and security, and to support each other on issues of common interest and concern, especially in furthering the process of building an Asean community.

The agreement also lays a solid foundation for stable and sustainable collaboration in the rice trade sector amid the unpredictable developments of the global market, Mr Dien said.

“Enhancing rice trade cooperation between Vietnam and Singapore is also a tangible demonstration of our joint efforts to ensure supply chain resilience and food security within Asean,” he added.

“In the time ahead, we hope that the competent authorities of both sides will continue to work closely together to further expand the supply of prestigious, high-quality Vietnamese agricultural and food products to the Singaporean market.”

Ms Fu is in Gyeongju as part of Singapore’s delegation to the annual Apec summit, which brings together leaders from 21 economies in the Pacific Rim with the aim of supporting trade.

She will represent Singapore at the Apec Ministerial Meeting with Senior Minister of State for Foreign Affairs and Home Affairs Sim Ann.

Prime Minister Lawrence Wong is also in South Korea from Oct 29 to Nov 1 for the Apec Economic Leaders’ Meeting and the Apec Business Advisory Council dialogue with Apec economic leaders.