Bilateral trade between the two countries has grown steadily over the years, reaching $18.2 billion in 2016, MTI said. Australia was Singapore`s 13th largest trading partner in 2016, while Singapore was Australia`s seventh largest trading partner. „Since Minister Ciobo and I signed the agreement last year, both sides have worked quickly to get the agreement into force so that Australian and Singaporean businesses can enjoy the enhanced benefits,“ Lim said in Friday`s announcement. „I look forward to greater cooperation between companies on both sides.“ 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. One of the advantages is that Singaporean companies will be able to apply for public procurement from the Australian Federal Government as well as the eight Australian states and territories under the modernised Safta. 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. The main benefits are the updating of trade rules for goods, increased opportunities for companies to apply for government contracts, better access to other`s services and increased facilitation of investment. There is also increased mobility for businessmen and rules to facilitate trade in the digital economy.
On 13 October 2016, Hon Steven Ciobo MP, 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). The Singapore-Australia Free Trade Agreement (SAFTA), which entered into force in July 2003, is a comprehensive agreement that delivers results for Australia that go beyond the World Trade Organization (WTO) in trade in services, intellectual property, investment and competition policy. The enhanced agreement was signed in October 2016 by Trade and Industry (Trade) Minister Lim Hng Kiang and Australian Trade, Tourism and Investment Minister Steven Ciobo. Fruit juice also contains more flexible rules of origin that will make it easier for singapore`s exports to Australia to qualify for duty-free treatment. It also reduces regulatory barriers that impede trade in products such as distilled wine and spirits, cosmetics, medical devices and pharmaceuticals. 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. Singapore is one of the most prosperous countries in the world and Australia`s largest trade and investment partner in Southeast Asia. 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. . .