An amended Singapore-Australia Free Trade Agreement (SAFTA) enters into force today, creating significant new opportunities for Australian businesses.
The Minister for Trade, Investment and Tourism, Steven Ciobo said the amended SAFTA delivers big wins for Australia’s services industries.
The new agreement provides greater access for education, legal, financial and other professional service providers and reduces unnecessary red tape for Australian exporters.
“Singapore has given Australia its best trade agreement treatment, putting our exporters on equal or better footing than our foreign competitors,” said Mr Ciobo.
“With its modern service-based economy, Singapore is a natural gateway for Australian businesses to the rapidly growing markets of South-East Asia.
“Australian companies are already winning high-value contracts with the Singapore Government, and the SAFTA upgrade will lock in these opportunities in sectors such as road transport, construction and engineering.”
Mr Ciobo said SAFTA is one of Australia’s most successful free trade agreements.
“Since it was signed in 2003, our bilateral trade relationship has grown by over 80 per cent and bilateral investment has grown by more than 350 per cent.
“The SAFTA upgrade, a major outcome of the Singapore Australia Comprehensive Partnership, will further strengthen our relations with a key partner in the region.”