h The Final Review of the Singapore Australia Free Trade Agreement

The Final Review of the Singapore Australia Free Trade Agreement

The Final Review of the Singapore Australia Free Trade Agreement

Article #43

On the 13th of October, Minister for Trade, Steven Ciobo MP together with his Singaporean counterpart Lim Hng Kiang signed 3rd Review of the Singapore-Australia Free Trade Agreement, formalising the end of the review period for the FTA and the announcement of the FTA by PM Malcolm Turnbull on the 6th May, this year.

The agreement of the FTA, which will be put into practice after each countries domestic treat process documentations are signed, is a continuation of 2003 FTA with Singapore with the major amendments pertaining to government safeguards in the cases of Investor-State disputes, the elimination of all tariffs, easing of wholesale banking licence restrictions and the easing of residency requirements for Australian's in Singapore from 1 to 3 months.

Currently Singapore stands as the 5th largest source of investment for Australia (contributing to $98.6 billion in 2015), Australia on the other hand is Singapore's number exporter of gold and exports $1.71 billion worth of professional, technical and other business services to Singapore.


Source: ILCS Consulting