Singapore Australia Free Trade Agreement (FTA)

Course summary Singapore Australia Free Trade Agreement (FTA)

Singapore Free Trade Agreements (FTAs) - Australia - Free Trade Agreements (FTAs) and International Relations

The Singapore - Australia Free Trade Agreement (SAFTA) entered into force on 28 July 2003

Benefits of the Singapore - Australia Free Trade Agreement

- Elimination of all tariffs from entry into force.
- Restrictions on the number of wholesale banking licenses to be eased over time and More certain, and enhanced operating environment for financial services suppliers.
- Conditions eased on establishment of joint ventures involving Australian law firms and number of Australian law degrees recognised in Singapore doubled from four to eight.
- Removal/easing of residency requirements for Australian professionals and short-term entry for Australian business people extended from one month to three months.
- Agreement to facilitate paperless trading in order to reduce business transaction costs.

The Singapore-Australia Free Trade Agreement offers greater opportunities in the goods and services sectors to a wide range of exporters, and further strengthens trade and investment links between Australia and Singapore.

Through SAFTA, Singapore and Australia have committed to eliminate tariffs on all Singapore and Australian products. As a result of tariff elimination in SAFTA, all Singapore's products will be able to enjoy zero-tariff treatment upon entry into Australia.

The Rules of Origin (ROO) in the Singapore-Australia Free Trade Agreement take into account operational patterns of companies in Singapore, including the shuttling of parts and components to and from Singapore during various stages of production.

Singapore is Australia's largest trade and investment partner in ASEAN and the sixth largest trading partner overall of Australia. Australia ranked 8th among Singapore's principal merchandise export destinations and 17th among its principal merchandise import sources in 2009.

In 2010 Australian merchandise exports to Singapore were $ 4.8 billion (9th largest export market) and imports from Singapore reached $10.7 billion (5th largest source). Services are a key part of  bilateral trade, with exports to Singapore valued at $2.6 billion (6th largest export market) and imports at $3.5 billion (3rd largest source) in 2010.

Singapore Australia Free Trade Agreement (FTA)
 

Spanish: Negocios en Singapur Asia

 Educational level: Continuing education / Executive education programs.