Oceania | Economy | Oceania
At the 15th Singapore-Australia Joint Ministerial Committee this week, the two sides emphasis resilience across sectors, from defense to trade.
This week the 15th Singapore-Australia Joint Ministerial Committee (SAJMC) was held in Adelaide, South Australia. The SAJMC is held every two years and brings together senior ministers from both governments to coordinate cooperation across the full spectrum of the relationship, rather than focusing on a single policy area. This year, it was attended by both countries’ respective ministers for foreign affairs, defense, and trade.
The centerpiece of the discussions was the signing of a new Protocol on Economic Resilience and Essential Supplies. This was a signal that both countries are viewing their national security now not solely in terms of traditional defense, but in terms of securing essential goods that are required to maintain services and standards of living.
The new protocol is designed to ensure that cooperation on essential goods continues to flow between the two countries during periods of global disruption. There is a particular focus on energy security, given that over half of Australia’s petroleum imports are refined in Singapore, while around a third of Singapore’s LNG usage is supplied by Australia. The protocol establishes the Australia-Singapore Economic Resilience Dialogue, which is a dedicated mechanism for the two countries to discuss their shared challenges and build practical cooperation.
