Singapore and Vietnam on Thursday (Oct 30) signed an agreement that will see Vietnam support the unimpeded export of a mutually agreed quantity of rice to Singapore on agreed terms when requested by the government.
The memorandum of cooperation on rice trade was signed on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week.
In a joint press release, the relevant ministries from the two countries said the memorandum of cooperation lays a “solid foundation” for promoting stable and sustainable rice trade.
This will help to strengthen bilateral food security by avoiding unnecessary trade restrictions.
The agreement was signed by Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Ms Grace Fu, and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien.
“This is Singapore’s first memorandum of cooperation on rice trade signed with a trading partner, and we are happy to do so with Vietnam, which is one of Singapore’s largest source countries for rice,” said Ms Fu.
Singapore imports rice from about 30 countries.
She noted that Singapore imports the vast majority of its food and is not spared from global food supply disruptions.
“Securing global and regional partnerships is essential for ensuring a stable supply of rice for Singapore,” she said.
Mr Dien said the agreement strengthens the connectivity between Singapore and Vietnam, and sets the stage for stable collaboration amid “unpredictable developments of the global market”.
He said enhancing rice trade cooperation is a tangible demonstration of joint efforts to ensure supply chain resilience and food security within ASEAN.
Source: https://www.channelnewsasia.com/singapore/singapore-vietnam-rice-cooperation-trade-5432466
