By Diplomacy Journal Lee Jon-young

The governments of South Korea and Singapore signed a Supply Chain Partnership Agreement (SCPA) on Oct. 8 during President Yoon Suk-yeol's state visit to Singapore. “We will strengthen supply chain cooperation with Singapore in the bio, energy, and high-tech industries and respond to supply chain disruptions together,” said President Yoon.

“I and Prime Minister Wong agreed to further strengthen cooperation on supply chains for strategic goods and energy in response to the growing instability in the international economy,” Yoon said at a joint press conference after meeting with Prime Minister Lawrence Wong in Singapore earlier in the day.

The SCPA is a bilateral evolution of the Indo-Pacific Economic Framework (IPEF), a U.S.-led economic security platform, and is the first bilateral supply chain alliance between the two countries. 

The agreement includes strengthening supply chain cooperation for strategic goods in high-tech industries such as bio-energy with Singapore, a global logistics center, and a joint crisis response manual that includes holding emergency meetings.

A Memorandum of Understanding (MOU) on Cooperation on Liquefied Natural Gas (LNG) Supply and Demand was also signed to further solidify economic and security cooperation. The MOU covers LNG swaps, joint purchases, and cooperative response to crises in the LNG supply chain. “Korea is the world's third-largest LNG importer, and Singapore is a global LNG trading hub,” Yoon said, ”and we will contribute to building a stable international supply chain for energy.”

The two leaders agreed to establish a “strategic partnership” next year, the 50th anniversary of diplomatic relations. Calling Singapore a “key ally in ASEAN,” Yoon emphasized the bond, saying, “Both countries have risen to become global economic powerhouses by nurturing talent and building hubs of high-tech and finance despite the disadvantages of scarce resources.”

“We will further strengthen our strategic cooperation in key areas,” he said. ”We will deepen cooperation in high-tech and startup fields, including artificial intelligence (AI), which will be the driving force for future development. We will also enhance research and development cooperation to jointly respond to global challenges such as food crises and pandemics caused by extreme weather.”

The both sides will also deepen strategic cooperation on regional security issues. “Prime Minister Wong and I share the view that the international community will not tolerate North Korea's illegal nuclear development and reckless provocations,” Yoon said, ”and we will work closely together to ensure that a clear and united message is sent to North Korea on the occasion of the ASEAN Summit.”

“Singapore has been a partner in our shared development over the past half-century and a key partner in our shared future,” Yoon said, ”and we will do our best to prepare for the 50th anniversary of our diplomatic relations next year.”