|| Author: Duncan Riley|

Singapore Free Trade Agreement With Australia

Singapore is one of the most prosperous countries in the world and Australia`s largest trade and investment partner in Southeast Asia. Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of merchant and Australian services. The Singapore-Australia Free Trade Agreement (SAFTA) was signed on 17 February 2003 and provides for the duty-free import of Singaporean products into Australia. The safta amendment builds on the success of the coalition`s free trade agreements with North Asian power plants China, Japan and Korea. The Turnbull government is pursuing an ambitious trade agenda and more free trade agreements as part of our national economic plan for job creation and economic growth. Australia and Singapore will also create a framework under SAFTA to support the mutual recognition of professional qualifications. Priority is given to agreements for engineers and accountants, with Singapore and Australia expressing their readiness to start negotiations on mutual recognition agreements. In addition to the duty-free import of goods, the updated rules of origin will simplify management and reduce compliance costs for operators using the agreement in the long term. SAFTA is a mutual agreement and Australian products or manufacturers get the same duty-free entry into Singapore. The Turnbull Government has provided a comprehensive update to Australia`s second oldest free trade agreement, which offers considerable opportunities for Australian service providers. Today, I signed with my Singaporean counterpart, Minister Lim Hng Kiang, an agreement amending the Singapore-Australia Free Trade Agreement (SAFTA).

This agreement is an essential part of Australia`s comprehensive strategic partnership with Singapore. This updated free trade agreement generates great benefits for Australian service providers, with more effective access and security in areas such as education, justice, finance and professional services. SAFTA will also reduce bureaucracy for investors in Singapore, Australia`s fifth-highest source of foreign investment, by harmonizing the Foreign Investment Review Board`s screening thresholds for Singapore with those agreed under the Trans-Pacific Partnership (TPP). 13 Hon Steven Ciobo MP, signed on 1 October 2016, Minister of Trade, Tourism and Investment, and his Singaporean counterpart Lim Hng Kiang, Minister of Trade and Investment, in Canberra, the agreement amending SAFTA forming the trade results announced on 6 May 2016 by Prime Minister Turnbull and his Singaporean counterpart, Lee, under the aegis of the Australia-Singapore Comprehensive Strategic Partnership (CSP). As Singapore is a free port, SAFTA focuses on ensuring liberal access conditions for many Australian service providers, such as exporters of legal, financial and educational services. SAFTA provides a wide range of Australian exporters with greater opportunities for goods and services, further strengthens trade and investment relationships, eliminates Singapore tariffs and offers Australian businesses cheaper inputs for a number of products. . . .

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