The fund benefits from an initial contribution of US$1 million from Greece and makes yet another major step forward in opeationalizing UNCLOS provision for international cooperation in the maintenance of straits used for international navigation since the establishment of the historic Cooperation Mechanism in 2007. The JTA was signed by the heads of the maritime administrations of the three littoral states and the director of Maritime Safety Division of the IMO during the opening of 2nd Cooperation Forum hosted by Singapore."

Singapore's Transport Minister and Second Minister for Foreign Affairs Raymond Lim said, "The Straits remains one of the busiest and most important shipping lanes in the world. I am heartened by the collective interest and commitment of coastal and user states to work together to ensure that the Straits of Malacca and Singapore remain safe and open to shipping."

The minister noted the good progress made by the Cooperative Mechanism, but highlighted that going forward, the challenge was to sustain interest and keep the momentum going, not only to entrench progress but also to encourage further participation and contributions from existing as well as new stakeholders.

He stressed that this was critical "as a third of the world's trade and half of its oil passed through the Straits." Minister Lim added that "the Cooperatvie Mechanism is timely to promote and facilitate international cooperation in this important waterway and that the institutionalization of the IMO Trust Fund is a very welcome development."

Lim later presented letters of recognition to the heads of delegations of Australia, China, Greece, India, Japan and the United States attending the Singapore meeting.

These countries were recognized for their active contributions towards implementing the six initial projects under the Cooperation Mechanism, namely 1) removal of wrecks in the straits; 2) enhancing preparedness and response capability against hazardous and noxious substances (HNS) incidents; 3) demonstration trial of AIS Class B transponders; 4) wind, tide and current measurement system; 5) replacement and maintenance of navigation aids; and 6) replacement of navigation aids damanged by tsunami off Sumatra.

Meanwhile, the number of countries participating in the projects has grown, with India recently making contributions to two of the projects. Overall, concrete progress has been achieved in the various projects with the completion of the demonstration trial in the AIS Class B project and conduct of training visits under the HNS project, among others.

MPA Chief Executive Lam Yi Young said that "the cooperation between straits users and the three littoral states since the establishment of the Cooperative Mechanism has been very encouraging. Going forward, we can expect greater collaboration among straits stakeholders in ensuring safety and the protection of the marine environment in these important straits used for international navigation."

IMO Director of Maritime Safety Division Koji Sekimizu similarly added that "the fact that the three littoral states have acted in such a timely manner and continue to display a strong determination to move matters forward, thereby building on the momentum established by the IMO-sponsored meetings, to be extremely positive and encouraging."

Singapore hosted the 2nd Cooperation Forum from October 14 to 15. The Cooperation Forum is part of the Cooperative Mechanism which is a key platform for the three littoral states and the international maritime community to collaborate on issues relating to the straits. The Cooperative Mechanism has been making good progress through its three pillars: the Cooperation Forum; the Straits projects; and the Aids to Navigation Fund.