Singapore, FIT allies act to protect supply chains from Hormuz closure

A joint statement pledges to keep ports open and coordinate to mitigate energy risks.

Singapore, along with other members of the Future of Investment and Trade (FIT) Partnership, has signed a joint statement to maintain open and resilient supply chains, amid risks to global energy flows following the closure of the Strait of Hormuz.

The group said it would exchange timely information and coordinate approaches to mitigate supply chain disruptions.

Members will also work with other trading partners to keep land routes, air and seaports open, ensuring the continued flow of energy supplies and essential goods.

The statement was released on 31 March on the sidelines of the 14th World Trade Organization Ministerial Conference in Yaoundé, Cameroon, held from 26 to 29 March.

Other members include Costa Rica, Iceland, Liechtenstein, New Zealand, Norway, Panama, Rwanda, Switzerland, the United Arab Emirates, and Uruguay.

The statement also outlines the importance of refraining from trade-restrictive measures, including export restrictions, tariffs, and non-tariff barriers, particularly for essential goods.

It further highlights the impact of the Strait’s closure on global supply chains—especially oil and gas—and the risk of severe disruption to energy and essential goods flows.
New Zealand will succeed Singapore as the FIT Partnership’s Coordinating Chair in April, with the next ministerial meeting set to take place in Auckland in July.

Source: SBR