South Korea and Singapore signed a supply chain partnership arrangement, resolving to enhance bilateral cooperation on supply chains for strategic goods in the energy and biotechnology industries.

President Yoon Suk Yeol, who is on a state visit to Singapore, announced the deal Tuesday after a summit with Singaporean Prime Minister Lawrence Wong.

At a joint press conference, the South Korean leader said he and Wong have agreed to further strengthen cooperation on supply chains and energy in response to growing uncertainty in the global economy.

The latest deal is an upgraded version of a supply chain agreement under the multilateral Indo-Pacific Economic Framework(IPEF), which the U.S. initiated in 2022.

Under the two-way deal, Seoul and Singapore are expected to share information about their supply chain crisis response systems and promptly notify each other upon detecting any supply chain disruptions. 

In the event of a supply chain disruption, the two countries are to hold an emergency meeting within five days and decide on a joint response.

Yoon said he and Wong also agreed to coordinate their efforts to elicit a clear, unified message from the international community that North Korea's illegal nuclear program and provocations will not be tolerated.

The leaders also decided to elevate the ties between the two countries by forging a strategic partnership next year, when South Korea and Singapore celebrate the 50th anniversary of the day they established diplomatic relations.