PUBLISHED ONMarch 23, 2026 5:40 AMBYSean LerSingapore and Australia will accelerate negotiations for an Arrangement on Trade and Essential Supplies under a Memorandum of Understanding (MOU) on economic resilience.
This was inked when the two countries upgraded their comprehensive strategic partnership in October 2025.
In a joint statement on energy security by Prime Minister Lawrence Wong and Australia Prime Minister Anthony Albanese following a phone call on Monday (March 23), the two leaders reaffirmed that the countries' prosperity, security, stability and economic future are intertwined, including with the region.
"We share a longstanding and deep relationship grounded in strategic trust, open markets and rules-based trade which underpin the prosperity and security of our people and our region. Reaffirming these shared principles is essential at this time," they said.
Both prime ministers also expressed their deep concern over the situation in the Middle East — now in its fourth week — which they said has consequences for the region, such as the impact on energy supply chains and prices.
Countries in Asia have been scrambling to conserve energy as the war on Iran and attacks on gas fields and oil refineries disrupt critical supplies.
Nearer to home, Thailand Prime Minister Anutin Charnvirakul on March 10 ordered civil servants to work from home in a bid to conserve energy.
Meanwhile, Vietnam's trade ministry also called on local businesses to encourage their employees to work from home as part of efforts to save on fuel.
"We are committed to working together to strengthen energy supply chain resilience, including by deepening regional cooperation, accelerating renewable energy transition, addressing unjustified import and export restrictions and maintaining open trade flows," PM Wong and Australia PM Albanese said.
They added that Singapore and Australia will support the flow of essential goods, including diesel and liquified natural gas between them, and to notify and consult each other on any disruptions with ramifications on the trade of energy.
"We call on other trading partners to join us in ensuring global energy supply chains are kept open, for the benefit of the security and prosperity of our peoples," they said.
Oil prices on Monday continued to rise, with the Brent benchmark rising to nearly US$113 at the time of this article's publication amid threats by Iran to completely shut the strategic Strait of Hormuz if US President Donald Trump goes ahead with threats to target Iranian energy facilities.
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