Singapore-Australia Free Trade Agreement - Austcham case study
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Established in 1983, the Australian Chamber of Commerce Singapore (Austcham) is the peak body representing more than 640 members from the Australian business community in Singapore.
Austcham is a key enabler of Australian business success in Singapore. It connects members to local and overseas businesses operating locally and in the region, to government, and to the Australian High Commission. Austcham also keeps members informed and up to date with the latest issues and opportunities in Singapore.
AustCham President Ian Cummin has welcomed the upgrades to SAFTA, which will make Singapore an even more attractive destination for Australian businesses looking for an entry point into the Asian market.
"Singapore is best-placed to be a hub for businesses looking to expand into the broader South East Asian region and these changes make it easier for companies to do that."
"The changes to labour mobility requirements are particularly exciting, and will open the door for many businesses to expand their presence in Singapore and give more of their staff a greater opportunity to experience working in Asian markets."
"Singapore is a great place to do business, and well positioned for accessing other markets in the ASEAN region. Australian business would do well to seize these opportunities. These new changes will further strengthen Singapore's reputation as a regional hub for South East Asia."
The Singapore-Australia Free Trade Agreement (SAFTA), which entered into force in 2003, is Australia's second oldest FTA.
The upgrade to SAFTA is our most comprehensive update to an Australian FTA to date. As a result:
- our business people will be able to work and stay more easily in Singapore;
- investors and exporters will benefit from harmonised rules and less red tape; and
- new opportunities will open up for Australia's world-class education and services sectors.
The Australia-Singapore Comprehensive Strategic Partnership, announced in 2015, provided the impetus to modernise SAFTA.