The Turnbull Coalition Government has created significant new opportunities for Australian businesses through the updates to the Singapore Australia Free Trade Agreement (SAFTA), which passed both houses of Parliament today.
The amended SAFTA delivers big wins for Australia’s services industries, with greater access for education, legal, financial and other professional service providers. It also 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.
The amended SAFTA improves the conditions for Australians to do business in Singapore and will deepen our trade and economic relationship.
It will also make it easier for Australian traders to claim preferential treatment under the Agreement by modernising procedures and allowing traders to self-certify that their goods meet the rules of origin.
Australians wishing to use Singapore as a gateway to export to the rest of South East Asia will benefit from new rules of origin. Australian businesses tendering for Singaporean Government contracts will be more competitive for high-value contracts in sectors such as road transport, construction and engineering.
SAFTA, originally signed in 2003, is one of Australia’s most successful trade agreements. Since SAFTA was signed, our bilateral trade relationship has grown by more than 80 per cent and bilateral investment has grown by more than 350 per cent.
The amended SAFTA underscores the importance each country places on further growing our two economies, and the strength of our collaboration under the Australia-Singapore Comprehensive Strategic Partnership.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555