Free Trade Agreements
Singapore-Australia Free Trade Agreement (SAFTA)
Summary of key outcomes for Australia
- Elimination of all tariffs from entry into force, including on Australian beer and stout
- Comprehensive and transparent 'negative listing' of services commitments
- Restrictions on the number of wholesale banking licenses to be eased over time
- More certain, and enhanced operating environment for financial services suppliers
- Conditions eased on establishment of joint ventures involving Australian law firms
- Number of Australian law degrees recognised in Singapore doubled from 4 to8
- Removal/easing of residency requirements for Australian professionals
- Mutual recognition agreements (MRAs) between architects and engineers under way
- National treatment and market access commitments for Australian education providers
- Singapore government overseas scholarships will be tenable at Australian universities
- The environmental services sector will be largely open to Australian businesses
- Open market access and national treatment for a range of other service sectors
- Transparency of investment restrictions in Singapore's government-linked companies
- Investors protected against expropriation; compensation for expropriation or other loss
- Telecoms regulators must operate in transparent manner and properly explain decisions
- Telecoms service suppliers have right of appeal to an independent authority
- Telecom interconnection provided on non-discriminatory, timely, cost-oriented terms
- Telecoms regulators to adopt or maintain effective sanctions to enforce decisions
- Agreement to facilitate consultation with telecoms industry participants
- Australia firms get national treatment in procurement by 47 Singapore agencies
- Protection of intellectual property supplied in government tender processes
- Short term entry for Australian business people extended from 1 month to 3 months
- Long-term business residents in Singapore granted total stay up to at least 14 years
- Spouses of business people can work as managers, specialists, office administrators
- Commitment to address anti-competitive business practices
- Consultation upon request on anti-competitive practices of particular concern
- Competitive neutrality disciplines to apply to government-owned businesses
- Cooperation on eliminating trade in goods infringing intellectual property rights
- Measures to prevent the export of goods infringing copyright or trade marks
- No customs duties on bilateral electronic transmissions
- Agreement to facilitate paperless trading in order to reduce business transaction costs
- Promotion of confidence in bilateral e-commerce, e.g in electronic signatures
- Cooperation on investigation and prevention of infringements of customs law
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