{"text":[[{"start":9.15,"text":"Singapore and New Zealand have signed what they called the “world’s first” bilateral supply chain deal to keep goods flowing freely between the two countries amid heightened pressure on global trade."}],[{"start":20.450000000000003,"text":"The agreement, signed by the leaders of both nations on Monday, highlights the emergency measures taken by smaller countries following the disruption caused by the Middle East war."}],[{"start":30.750000000000004,"text":"“Even in times of crisis or shortages, we will keep essential goods flowing — food, fuel and other critical supplies,” Singapore’s Prime Minister Lawrence Wong said after signing the agreement in the city-state. “We will not shut each other out.”"}],[{"start":44.800000000000004,"text":"The Asia-Pacific region has been hit hardest by the global energy shock resulting from the Iran war and effective closure of the Strait of Hormuz. Both Singapore and New Zealand depend heavily on trade."}],[{"start":57.2,"text":"Under the terms of the supply-chain pact, known as the Agreement on Trade in Essential Supplies, the two countries would not impose measures to restrict trade on essential goods. The deal covers a range of supplies, including food, fuel, chemicals, construction and healthcare products."}],[{"start":75.95,"text":"They also agreed to keep open trade routes — including by air and sea — to maintain the flow of energy supplies, such as petroleum oils and other essential goods."}],[{"start":86.85000000000001,"text":"The two nations called on their other trading partners to make similar commitments to maintain global energy supply chains."}],[{"start":93.7,"text":"New Zealand’s government has been under pressure to lock down supplies of fuel and fertiliser."}],[{"start":99.55,"text":"Australia has locked in supplies from regional allies and signed an agreement with Singapore last month aimed at keeping trade flowing."}],[{"start":107.39999999999999,"text":"Christopher Luxon, New Zealand’s prime minister who survived a vote of confidence last week, said his country was able to leverage its status as a key food exporter to the Asia region during talks."}],[{"start":117.6,"text":"New Zealand obtains about a third of its fuel imports from Singapore. "}],[{"start":121.8,"text":"Speaking in Singapore, Luxon said: “The past few months have shown we live in a volatile world . . . that is why we are hustling in the world to protect New Zealand and build our resilience in uncertain times.”"}],[{"start":134.05,"text":"Wong said the “world first” agreement was a good example of making the case for multilateralism."}],[{"start":140.55,"text":"Singapore and New Zealand have enjoyed close economic ties for decades. They were both founding members of the Future of Investment and Trade Partnership, a multilateral grouping of small and medium-sized economies that launched last year."}],[{"start":154.4,"text":"The grouping was set up to combat the increasingly insular nature of global trade, against the backdrop of the so-called reciprocal tariffs that US President Donald Trump imposed on imports."}],[{"start":172.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777892407_1743.mp3"}