Vietnam and Singapore sign rice trade cooperation agreement

VTV.vn - Vietnam and Singapore signed the first memorandum of understanding on rice trade, aiming to promote stable cooperation, ensure food security and sustainable supply between the two countries.

Illustration photo.

According to Channel News Asia, under the new agreement, Vietnam will support unlimited rice exports to Singapore based on the consensus between the two countries. The memorandum of understanding on rice trade cooperation was signed on the sidelines of the Asia- Pacific Economic Cooperation (APEC) Summit Week.

In a joint press release, the two ministries said the memorandum of understanding lays a “solid foundation” for promoting stable and sustainable rice trade. This will help enhance bilateral food security by avoiding unnecessary trade restrictions.

Singapore's Minister for Sustainable Development and Environment and Minister-in-charge of Trade Relations Grace Fu said this is Singapore's first MOU on rice trade signed with a trading partner. Singapore is pleased to be working with Vietnam, one of Singapore's largest rice suppliers.

Minister Fu noted that Singapore imports the majority of its food and is not immune to disruptions in global food supplies. Securing global and regional partnerships is essential to ensure a stable supply of rice for Singapore.

For Vietnam, this agreement strengthens the bond between Singapore and Vietnam, while creating a premise for stable cooperation in the context of unpredictable developments in the global market.

The Vietnam Trade Office in Singapore said that Singapore imports rice from about 30 countries. Vietnam is still the third largest rice supplier to Singapore, after India and Thailand.

Source: https://vtv.vn/viet-nam-va-singapore-ky-thoa-thuan-hop-tac-thuong-mai-gao-100251030192508985.htm