Singapore-Australia Free Trade Agreement (SAFTA) - a business guide
Foreword
Australia and Singapore have a strong and productive bilateral relationship, based on long-standing political, economic, defence and Commonwealth links. Singapore is Australia’s largest trade and investment partner in South-East Asia. We also have a shared belief that more open trade will lead to economic prosperity and bring more transparency to the business framework. Reflecting this, Australia and Singapore concluded the Singapore-Australia Free Trade Agreement (SAFTA) last year.
SAFTA entered into force on 28 July 2003. It builds on the strong and expanding bilateral economic partnership between our two countries. It was Australia’s first bilateral free trade agreement since the Closer Economic Relations Trade Agreement with New Zealand came into force in 1983.
As outlined in this Business Guide to SAFTA, the Agreement presents new trade and investment opportunities for businesses in both Australia and Singapore. It also provides a more open and predictable business environment across a range of areas, including telecommunications regulation, competition policy, government procurement, technical standards, intellectual property, e-commerce, customs procedures and business travel. The scope for commercial cooperation, including in third‑country markets in South-East Asia, has never been better now that our two economies are becoming increasingly integrated through SAFTA.
The Government has sought to make it easier for Australian businesses to export to and invest in Singapore, and beyond. I encourage you to take advantage of the new trade and investment opportunities presented by SAFTA. The Singapore-Australia Free Trade Agreement: A Business Guide will help you understand what SAFTA is, and how it has improved conditions of access to the Singapore market for many Australian businesses.
To ensure its continued relevance for business, SAFTA will be reviewed within a year after its entry into force and every two years subsequently. Through this process, SAFTA will remain a comprehensive ‘living document’ that can be added to and updated as bilateral trade and investment evolves over time. I urge you, therefore, to provide your views on the implementation and outcomes of SAFTA to the Department of Foreign Affairs and Trade before the first review which is expected to take place in late July or early August 2004.
I wish you every success in doing business with Singapore.
MARK VAILE
**
Table of contents - Singapore-Australia Free Trade Agreement (SAFTA) - a business guide