Singapore and South Korea have reiterated the importance of ensuring open trade flows and supply chain connectivity amid the coronavirus pandemic. The statement came about during a video conference yesterday between Singapore Trade and Industry Minister Chan Chun Sing and South Korean Trade Minister Yoo Myung-hee.

Mr Chan said on Wednesday that Singapore would work closely with Australia, Canada, Chile, New Zealand, Myanmar and Brunei to ensure that trade lines via land, air and sea remain open for the flow of goods and essential supplies.

Earlier this month, Singapore and New Zealand also affirmed their commitment to ensuring supply chains remain open and connected.

Mr Chan and Ms Yoo agreed to work closely to facilitate business exchanges to support the operations of firms in both countries. They discussed ways to strengthen bilateral and regional trade ties, including cooperation in the digital economy.

They also affirmed their commitment to helping the proposed Regional Comprehensive Economic Partnership (RCEP) trade pact reach a signing this year, a move that will boost global economic recovery following the Covid-19 pandemic.

The RCEP involves 15 countries - all 10 Asean nations, as well as Australia, China, Japan, New Zealand, and South Korea - and accounts for nearly 30 per cent of the world's gross domestic product.

South Korea was Singapore's eighth-largest trading partner last year, with total bilateral trade of $39.4 billion, said Singapore's Trade and Industry Ministry yesterday.

Singapore was the sixth-largest foreign investor in South Korea in 2018, while South Korea was its sixth-largest Asian foreign investor.

Ann Williams