Singapore Australia Free Trade Agreement

The Turnbull Coalition Governmenthas created significant new opportunities for Australian businesses through theupdates to the Singapore Australia Free Trade Agreement (SAFTA), which passedboth houses of Parliament today.

The amended SAFTA delivers big winsfor Australia's services industries, with greater access for education, legal,financial and other professional service providers. It also reduces unnecessaryred tape for Australian exporters.

Singapore has given Australia itsbest trade agreement treatment, putting our exporters on equal or betterfooting than our foreign competitors.

The amended SAFTA improves theconditions for Australians to do business in Singapore and will deepen ourtrade and economic relationship.

It will also make it easier forAustralian traders to claim preferential treatment under the Agreement bymodernising procedures and allowing traders to self-certify that their goodsmeet the rules of origin.

Australians wishing to useSingapore as a gateway to export to the rest of South East Asia will benefitfrom new rules of origin. Australian businesses tendering for SingaporeanGovernment contracts will be more competitive for high-value contracts insectors 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 andbilateral investment has grown by more than 350 per cent.

The amended SAFTAunderscores the importance each country places on further growing our twoeconomies, and the strength of our collaboration under the Australia-SingaporeComprehensive Strategic Partnership.