Peel and finely grate the garlic and ginger. Squeeze the fresh lime juice.
In a medium saucepan, heat the olive oil over medium heat. Add the grated garlic and ginger, and sauté for 1-2 minutes until fragrant.
Pour in the coconut milk, then stir in the honey, rice vinegar, soy sauce, lime juice, and chili flakes. Mix well to combine.
Simmer the sauce for 5-7 minutes, until slightly thickened and the flavors have melded together.
Season with salt and pepper to taste. For a smoother texture, blend with an immersion blender.
Let it cool slightly, then serve with grilled meats, fish, or vegetables. It can be stored in the refrigerator for up to a week.
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