The Singapore and Australia free trade agreement (SAFTA) is the central building point for economic growth between the two countries. Singapore is Australia's largest trade and investing partner in South-East Asia. The agreement between these two countries increases Australia's imports and exports. It also helps both countries with services such as: Education, Telecommunications and professional services. SAFTA began on the 23rd of July 2003. Ever since both Australia and Singapore have been sending various important merchandise to one another. The key interests and benefits between SAFTA are:
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. (These dot points were recorded from the Dfat website)
be eased over time and More certain, and enhanced operating environment for
financial services suppliers.
law firms and number of Australian law degrees recognised in
Singapore doubled from four to eight.
short-term entry for Australian business
people extended from one month to three months.
reduce business transaction costs.