Eleven countries, including New Zealand, Singapore, the UAE, and Switzerland, issued a joint statement.
Amidst the disruption to shipping through the Strait of Hormuz, eleven countries, including New Zealand, issued a joint statement on maintaining open supply chains.
According to a statement released by New Zealand on March 31, New Zealand, Singapore, and three other countries issued a joint statement calling for the maintenance of open and resilient supply chains in response to the disruption of shipping through the Strait of Hormuz.
According to the website of the New Zealand Ministry of Foreign Affairs and Trade, New Zealand, Costa Rica, Iceland, Liechtenstein, Norway, Panama, Rwanda, Singapore, Switzerland, the UAE, and Uruguay issued a joint statement.
The statement said that given the potential for severe disruption to global supply chains due to the closure of the Strait of Hormuz, particularly the supply of oil, gas, petrochemical products, and key downstream derivatives and necessities such as fertilizers, the aforementioned countries reaffirmed their commitment to maintaining open, diversified, transparent, competitive, and resilient supply chains.
The statement also stated that ensuring unimpeded trade routes (including land, sea, and air) to facilitate the smooth supply of energy and other necessities is in the common interest of all parties. The statement also emphasized the importance of avoiding trade restrictions, stating that designated supply chain contact points would be utilized to facilitate timely information sharing and coordination on issues such as joint response plans.
Recently, shipping through the Strait of Hormuz has been severely disrupted due to the situation in the Middle East, triggering a chain reaction including soaring global shipping costs and adjustments to supply chain layouts.
The Strait of Hormuz plays a crucial role in the global supply and transportation of oil and liquefied natural gas. Restoring normal shipping through the Strait of Hormuz is essential for stabilizing the oil market.